Despite its problems with Wag, SoftBank has not given up investing in the pet sector.
SoftBank announced this week that it was investing $48 million in the online pet retailer Petlove. The funds will help accelerate Petlove’s growth amid higher demand for online pet products during the coronoavirus pandemic.
Brazil’s pet market did $4.6 billion in revenue last year, among the five largest in the world. Online sales represent only 3.8% of sales of pet supplies in Brazil, compared to 18% in the US.