TiendAnimal raised EUR 12.5M in debt and equity from Miura, Muzinich and LGT.

Tiendanimal, a Malaga, Spain-based omnichannel operation for products for all types of pets, announced has received a total of 12.5 million euro in a financing round.

The money consists of a 10 million euros provided by the Muzinich and LGT debt funds as well as a capital infusion of a 2.5 million euros ($2.8M) supported by existing owner Miura Private Equity.

The money will be used to accelerate the company's expansion strategy and reach 100 establishments in 2021. 

This investment is added to the 40.5 million euros contributed by Muzinich and LGT in 2018, with the aim of promoting the Tiendanimal growth plan in the Iberian Peninsula between 2018 and 2021. At the same time, Tiendanimal also signed a circulating line with Banco Santander of up to 12 million euros.

Tiendanimal, which expects to exceed 115 million euros in sales in 2019 and reach an EBITDA of 10 million euros, intends with this step to continue with its development and maintain omnichannel leadership (360º) in the pet goods sector in Spain and Portugal, with the intention of strengthening its presence in southern Europe.

Tiendanimal, founded in 2006 and led by CEO Rafael Martínez-Avial, has a network of 56 physical establishments after opening 7 stores so far this year, while it plans to open another 9 stores to reach 65 points of sale in 2019. On the other hand, Tiendanimal also has 15 clinics and 18 veterinary offices.

The company closed 2018 with a turnover of more than € 90M and an EBITDA of € 7.3M, despite the impact on its costs and the heavy investment involved in moving its logistics operations between 2017 and 2018 from Malaga to Seseña. Tiendanimal is now, more than ever, focused on its international and omnichannel strategy.