Online pet care marketplace Mad Paws has secured a $2 million loan facility from Partners for Growth, earmarked to fund the company’s upcoming brand and customer acquisition efforts and general working capital.
The funding will also be used to repay the pre-existing $1 million growth working capital facility secured from Kashcade last September.
“This funding structure provides Mad Paws with capital to support our strategic initiatives and the necessary support for the launch of our brand and customer acquisition campaign, leveraging the $4 million in marketing contract from the Seven West Media investment commencing August 2024,” said Justus Hammer, Mad Paws co-founder and CEO.
The company noted that the funding comes with a 36-month term and lower cost compared to other facilities.
Meanwhile, the company reported that gross merchandise value grew 8 per cent to $16.3 million in the fourth quarter.
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The funding will also be used to repay a pre-existing A$1 million growth working capital facility.
The post Mad Paws seals funding for refinancing, expansion appeared first on Internet Retailing.
