Petnet, a startup that sells automated pet feeders, has closed a $10 million Series A financing round led by San Diego-based retail chain Petco, the company said Aug. 31.
The money will be used to expand Los Angeles-based Petnet’s product line, develop a pet food delivery service and “enhance its infrastructure,” the company said.
Petnet’s SmartFeeder allows pet owners to manage and monitor their pets’ feeding via smartphone. The company’s SmartBowl, also smartphone enabled, guides owners to feed their pets the right amount of food, determined by the owner’s creation of a profile that includes their pet’s weight and activity level.
Petco stores nationwide this week started selling the SmartFeeder and SmartBowl products for $149 and $49, respectively. The San Diego retailer also sells them online.
The investment is part of Petco’s “continued effort to drive the digital revolution in pet specialty,” said Mike Nuzzo, Petco’s chief financial officer. “Customers are increasingly looking for personalized technology-based solutions that enhance the life of their pets while providing convenience and flexibility.”