Prysm goes full circle with its pet unicorn

▤ Summary

Pet Circle has secured a $75 million capital injection from Prysm Capital, keeping its billion-dollar valuation intact. The Australian online pet retailer said it did not need the money but accepted it because Prysm offered the round. Revenue rose to $308 million last year, although the company still recorded a $31.8 million loss. Investors see room for growth as Pet Circle expands beyond pet supplies and into adjacent services such as pet insurance and possibly pet pharmaceuticals. The raise extends Prysm's earlier backing from Pet Circle's 2021 Series C round.

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