The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
Total sales also decline by 2.3% for the pet medication retailer.
Both web sales and total sales decreased in the fiscal first quarter for PetMed Express Inc., a pet pharmacy that sells on its web site, 1800PetMeds.com.
For its first quarter of fiscal 2015, which ended June 30, PetMed Express reports:
- Total sales were $72.5 million, a 2.3% drop from $74.2 million a year earlier.
- Web sales were 80% of total sales, up from 79% for the same quarter a year earlier. That indicates web sales totaled $58 million for the quarter, down 1% from $58.6 a year earlier. The retailer also sells through a call center and a print catalog.
- Net income was $5.0 million, up 4.2% from $4.8 million.
- The retailer acquired 184,000 new customers compared to 207,000 for the same period a year earlier.
In a statement, CEO and president Menderes Akdag noted the company increased gross margins for the second consecutive quarter. The company also boosted its average order value.
“Despite our sales decrease for the quarter we were able to increase our average order size to $78 for the quarter ended June 30, 2014, compared to $77 for the same quarter in the prior year,” Akdag said. “For the remainder of fiscal 2015 we are focusing on improving our marketing efforts to increase sales."
For the prior 12-month period, fiscal year 2014, PetMed Express reported a 5% increase for both web sales and net income. Total sales were $233.4 million, a 2.5% increase from $227.8 million in fiscal 2013.
PetMed Express is No. 152 in the 2014 Internet Retailer Top 500 Guide.