Tracking Pet Startups
& the Pet Tech Industry
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A busy week for pet food startups
- Bond Pet Food has created the world's first animal-free, chicken meat protein for pets. The Boulder, Colorado-based startup took a "one-time blood sample - in this case, from a heritage hen named Inga who is alive and well at a farm in Lindsborg, Kansas" and used the genetic code in the sample to grow protein in a fermentation tank. The company was founded in 2017 with funding from a vegan Saudi prince who only invests in vegan and clean-meat startups.
- Helsinki-based Alvar Pet raised €1 million in seed funding for home delivery of sustainable dog food. The company has delivered over 300,000 meals since its launch in April. The founders have experience in the pet niche, with past roles at Royal Canin and Nordic pet supply retailer Musti Group.
- Hexafly, an Irish startup that produces pet food from insect larvae, is expanding into the UK. The company has raised $4 million since its founding in 2017. Hexafly claims that insect-derived protein is cheaper to produce and more sustainable than traditional pet food.
- Sydney-based fresh dog food subscription service Lyka landed $1.57 million in seed funding. Lyka was founded in 2018 by former Bain & Company consultant Anna Podolsky. The company has delivered over 400,000 meals to Australian dog owners.
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Chewy founder still swinging for the fences
Ryan Cohen was a 20-something college dropout when he founded Chewy in 2011. Less than a decade later, Cohen sold his company to PetSmart for $3.35 billion.
Instead of listening to financial advisors who advised him to diversify, Cohen plowed virtually all of his proceeds into just two stocks: Apple and Wells Fargo.
Since Cohen bought the stocks in 2017, Wells Fargo shares have dropped about 50%. Oops.
But the value of Apple has soared over 400%. 😄
Cohen says he invest in stocks similar to how he ran Chewy: "when I find things I have a lot of conviction in, I go all-in. I don't want to swing for a single."
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North Korea bans pet dogs
North Korea has launched a clampdown on the ownership of dogs as food supplies run short in the country.
Leader Kim Jong-un stated that pet ownership is a "tainted trend by bourgeois ideology" and that the ban will protect the country against capitalist decadence.
A source from North Korea said that while these clampdowns are usually enforced without much enthusiasm, this time the edict appears more serious.
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Other News
- The global pet care market is set to exceed $327 billion by 2026 according to research firm GMI. Increase in demand for nutritious pet food and rising spending on pet healthcare will lead the way.
- Central Garden & Pet, a US producer of lawn, garden and pet goods, announced that third quarter sales for its pet segment rose 18% to $413 million compared to a year ago. The gains were driven by sales of dog treats and chews, small animal food and supplies, and animal health products.
- J.M. Smucker, a US food company, saw pet food sales increase to $693 million in the first quarter, a 3% increase compared to a year ago. Leading the way were cat food and dog snacks.
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