COLDSKY.CN – Cyanhill Capital(青山资本) has led other venture investors to pump tens of millions of yuan in Series A round fundraising into Shanghai-based dog food startup Wangzaifan(汪仔饭).
Established in June 2017 by Shanghai Douchong Network Technology, Wangzaifan has targeted the high-end pet market by introducing the first ‘soft dog food’ to the market on Oct. 16.
Touting a slogan ‘Treat Pets as a Family Member’, Douchong said the product is easy to digest, fresh and healthy, without additives or preservatives.
Wangzaifan started from selling products on WeChat, then brought the online sales to brick-and-mortar stores, and now to pet centers that cover pet food, grooming and care.
Wang Jinrong, CEO of Wangzaifan, said the company aims to integrate online commerce with social networking and stores in the next three years.
Chinese owners spent 150 billion yuan on their pets in 2017, among that 40 percent or 60 billion yuan from dog owners, according to the State Statistics Bureau.
The dog food market alone is estimated to rise to 100 billion yuan by 2020, far lower than the market size in the United States. Insiders forecast a 10-year gold time of development for the pet industry in China. The country now has fewer pet brands, less advanced sales systems and an imperfect supply chain compared to mature markets.