Indico Capital Partners, who recently completed the first closing of its early stage venture capital fund, just announced its fourth investment in the form of a 1,7 million Euros seed round into Barkyn.
Barkyn is a subscription service for pets that covers all their regular needs. Customers get a monthly pack with specialized food and personalized treats, and the service also includes a dedicated remote online veterinary. Barkyn offers a superior experience to that of a classic e-commerce service with more convenience, a better combo price and a highly personalized offer.
Barkyn is operating in Spain, Portugal and Italy and was one of the 8 startups selected by Google for its growth program in Madrid last year. The business grew 300% in 2018 and currently ships more than 40 tons of pet food per month. Founded by seasoned entrepreneurs, the team is led by former Rocket Internet, Farfetch and Prozis managers.
The 1,7 million Euros round, led by Indico and with the participation of All Iron Ventures and business angels Shilling Capital Partners and 7 Graus will enable the company to accelerate new product development and its expansion into further European geographies.
André Jordão, founder and CEO stated: “The pet market is booming worldwide and is now one of the highest growing markets in terms of consumer goods online. People are spending more time and money on pets, which are considered as family members. More than building something innovative in the fragmented pet market, we’re building the future of e-commerce with extreme personalization and convenience. We’re also excited to have the right investors on board – they have tremendous experience in scaling tech businesses.”
Stephan Morais, Managing General Partner of Indico mentioned that: “We are excited about the incredible execution capacity of the team in a very fast-growing online market. The business model is robust with very healthy margins in a typically low margin business which attests to the excellent background and grit of the entrepreneurs.
About Indico Capital Partners
Indico Capital Partners is a leading institutional independent early stage VC fund in Portugal. The experienced Partner team works to identify, invest and nurture the most promising Portuguese and Spanish early stage startups in the areas of B2B SaaS, Artificial Intelligence, Marketplaces, Fintech and Cybersecurity and B2C Platforms. Indico invests between 150 thousand and 5 million Euros per company. The team previously invested in companies such as Farfetch, Unbabel, Codacy and Talkdesk, amongst other Portuguese based global success stories.