£82.6m pet healthcare brand to create 30 new jobs and expand globally via HSBC UK funding

Pet supplies and healthcare brand Petlab has expanded its global presence by launching into Canada and mainland Europe with support from HSBC UK.

Co-founded in London by entrepreneurs Chris Masanto and Damian Grabarczyk in 2018, Petlab has grown into the “largest online direct-to-consumer pet supplement brand in the US”.

The expansion into Europe and Canada will further grow the business and facilitate circa 30 new jobs, including software development, compliance, product development and marketing.

To help the company grow internationally, HSBC UK assisted with its innovative Global Wallet solution, a multi-currency virtual account which allows businesses to make and receive international payments using local account details, for more efficient transactions with overseas customers.

Additionally, HSBC UK has provided corporate cards to support the purchase of digital advertising. This has allowed the business to target new audiences, and has recently been increased to total $1.8m.

Chris Masanto, co-founder and CEO of Petlab, commented: “We started Petlab because we saw first-hand how pet healthcare isn’t given the attention it deserves.

“My beloved dog experienced arthritic pain for the last four years of her life, and I’ve always felt more could have been done in terms of supplementation to help her, which led me to research pet wellbeing.

“The support from HSBC UK has been invaluable in helping us grow our international customer base. Much of our awareness is driven by digital advertising, and our virtual accounts with HSBC UK have allowed this to be a completely seamless process.”

Victoria Ritchie, head of corporate banking for London City at HSBC UK, added: “We are delighted to be supporting Petlab as it continues to advance the future of pet health and wellbeing across the globe. This innovative business is a true success story for British businesses, with over US$100m (approx. £82.6m) growth since inception.”