(Yicai Global) Feb. 13 -- China Mengniu Dairy has invested in pet hospital chain Ringpai National Chain Veterinary Hospital Management. Ringpai has completed its eighth and last financing round before going public, the Tianjin-based firm said recently, without disclosing the amount raised.

Founded in 2012, Ringpai provides pet medical services. It has more than 500 hospitals in nearly 70 Chinese cities, taking over three million cases annually, according to the latest data.

Ringpai previously raised CNY700 million (USD102.5 million) from well-known foreign and domestic investors, including private equity firm CoStone Asset Management, chocolate maker Mars, corporate investment firm Yuexiu Industrial Fund, and Huatai Securities.

China’s pet market is rapidly growing. The number of cat and dog owners exceeded 68.4 million in 2021, an increase of 8.7 percent from 2020, according to a white paper released by industry platform Pethadoop. The market’s size jumped 13.5 percent to CNY396 billion (USD58 billion) in the same period.

The healthcare market for pets in the country is expected to have reached about CNY64 billion (USD9.4 billion) in 2022, up 17.4 percent from the previous year, according to another estimate.

Editors: Shi Yi, Futura Costaglione