Australian pet services marketplace Mad Paws has raised $1.1 million in it’s first ever funding round.
Asked whether the money would be spent on expansion, Mad Paws co-founder and CEO Alexis Soulopoulos said that the site was concentrating on Australia first.
“We are going to grow the team with a focus on community managers and customers support, and we’re also going to increase our marketing spend,” Soulopoulos told Business Insider.
Launched less than a year ago, Mad Paws has 3,500 pet sitters Australia-wide and is growing at a rate of 50% a month. But Soulopoulos says there seems to be a lot of room to grow.
“So the market is very very large. The pet minding market, of people dropping pets in kennels, is about $750 million.”
“What is really important to understand here, is that most of our customers are not those who used to use kennels, but are actually customers who used to use friends and family. So the actual market is much larger than this. Several billion dollars in fact.”