PetCube Garners $10 Million Funding

 

Petcube-Bites-HomeSAN FRANCISCO — Petcube, a maker of a camera and software that lets you monitor and interact with your pets online, has raised $10 million in Series A funding from Almaz Capital, AVentures, and Y Combinator, with participation from other investors. The new funding will be used to expand new product development, marketing, and sales distribution in North America and international markets.

Petcube customers are active users of a large and growing category. Over 100,000 device owners interact with their pets remotely an average of 50 minutes per week, at a high frequency of eight times per week. The Petcube Play device starts at $179 and the Petcube Bites is priced at $249.

“Five years from now, nearly 40 million pet households will use a connected pet device. That’s half of the US pet population,” said Yaroslav Azhnyuk, CEO and co-founder of Petcube. “We are committed to driving innovation for this large and growing community, by designing products that enable pet parents to give their pets the best, while also ensuring their health, wellness and safety.”

Petcube is currently distributed in 18 countries in over 5,000 retail locations in North America, Europe and Asia Pacific, and sells online via Petcube.com and Amazon. The company was launched as a Kickstarter campaign in late 2013, and has become one of the fastest growing consumer electronics companies in the connected pet category. Since its founding, Petcube has launched three interactive pet camera products, and has raised a total of $14 million.