E-commerce company Petlove, Tuesday (08), announced the purchase of pet health plans company Nofaro. The acquisition makes Petlove a leader in this market, with revenue expected of R$500 million with healthy plans in the next two years, according to the company.
The transaction amount was not disclosed. This is Petlove’s sixth acquisition in the past three years. Today, the company is a conglomerate that brings together both a virtual store and services such as subscription club, travel and accommodation app DogHero, education platform Vet Smart and insurance company Porto.Pet.In total, the company earned R$800 million in 2021.
“Brazil is the second largest pet market in the world, and with this move, Petlove & Co expands its leadership in the pet health insurance sector,” Petlove & Co CEO Talita Lacerda said in a statement about the transaction.
By purchasing Nofaro, the company’s customer base in the healthcare sector has exceeded 70,000 pets and 1,000 approved partners. Petlove has been in the sector since April 2021. According to Talita, the company expects to double the number of customers by the end of 2022.
Nofaro is a start-up company created in the Southern Region, in 2014, present in the cities of Porto Alegre, Caxias do Sul, Curitiba, Belo Horizonte, São Paulo and Campinas.