With an eye on the growing Brazilian pet market, the insurance company safe harbor closed an alliance with the startup Petlove, known for its pet products e-commerce, to combine its operations.
Created in 1999 by veterinarian Márcio Waldman, Petlove has been expanding since 2019 to build an ecosystem of products and services for the pet market. Today she owns the brands Vet Smart and DogHero and has investors as funds such as SoftBank and L Catterton. This year, the group projects sales of 900 million reais.
With the alliance announced on Friday, 16, Porto Seguro has a 13.5% stake in Petlove and transfers its pet insurance operation to the startup. Thus, the Health for Pet brand, acquired by Porto Seguro in 2015, ceases to exist, giving way to Porto.Pet.
The new business, which has been under construction for over a year, is already born with 41,000 lives in its portfolio and has great potential for expansion. Taking advantage of the national reach of Petlove’s e-commerce and its VetSmart content service, which is used by more than 100,000 veterinarians every month, Porto Seguro expects to quintuple Porto.Pet’s customer base in five years.
“Considering that Petlove has 200,000 subscribers and more than 7 million visits per month on the site, with more than 3 million active customers, these are conservative projections,” says Waldman.
The two companies are studying ways to integrate the business as soon as Cade approves the transaction. Petlove, for example, will be able to offer DogHero’s lodging and pet tours services to Porto.Pet’s customer base.
“Our idea is to build these interactions to bring a more complete solution for the tutor,” says Marcos Loução, vice president of financial business and services at Porto Seguro.
In addition to tutors, Porto.Pet is also eyeing veterinarians. The insurer sees a great opportunity to offer financial and insurance services to the base of healthcare professionals who have a relationship with Petlove today. In addition to the content service, the startup offers management software for pet shops, veterinary clinics and hospitals.