Australia’s largest online tailored pet food subscription platform Lyka, announced it has raised AU$500,000 in a seed funding round to accelerate growth, expand its operations and expand its core team over the next 12 months.
The funding round of $500,000 was secured in a lightning fast 6 weeks from opening their funding books, from an undisclosed network of individuals close to the entrepreneurs.
The human-grade pet food company was founded in 2018 by former Bain & Company consultant Anna Podolsky after curing her own dogs illnesses through a homemade foods diet, joined by vet and expert pet nutritionist Dr Matthew Muir.
Reflecting on the fact Podolsky had fed her dog only the best store-bought food, Podolsky researched the pet food industry and was terrified to find many problems including hidden ingredients, poor ethics, a shelf life of up to 25 years, price wars and compromised quality.
She switched Lyka’s diet to human-grade food she began making from home. Lyka’s health improved tremendously within weeks of switching her diet. Lyka had high energy, a smooth-silky coat, and even her teeth – which a vet had considered removing – improved.
The expert consultant had witnessed pet health trends mirror those of humans, and after seeing the positive effect a real food diet had on her dog’s health, Podolsky saw the pet food industry was ripe for disruption and launched Lyka Pet Food in 2018.
According to research conducted over 5 years by Dr Gerard Lippert and Bruno Sapy, the food may help dogs live longer, too.
“A study in Europe found that dogs eating a homemade diet live on average 3 years longer dogs on a commercial diet. We notice the difference when we eat a fresh wholefoods diet, and it makes sense our dogs would feel the same,” Ms Podolsky said.
The $500,000 pre-seed capital raise for Lyka Pet Food was over-subscribed within six weeks, with backing from investors including leaders in the retail and supply chain sectors, while there is also international investor interest.
According to Podolsky, “Consumers are leading a massive market shift – demanding health food for themselves and for their pets. We are building a team of high calibre and motivated people who believe in our mission. Our Lyka products are designed from scratch to create the best possible nutrition for pets, without having to fit into a pre-existing supply chain or heavy food processing model.”
“This capital raise will allow Lyka to grow rapidly and improve the lives of thousands of dogs across Australia,” she said.
About Lyka Pet Food
Lyka Pet Food follows international Association of American Feed Control Officials (AAFCO) standards while sourcing locally produced, farm fresh ingredients including grass fed beef and lamb, free range chicken and vegetables.
The food starts at $2 a day depending on the dogs size, available from lyka.com.au