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 it’s core team over the next 12 months.
The human-grade pet food company was founded in 2018 by former Bain & Company consultant by Lyka CEO Anna Podolsky after curing her own dogs illnesses through a home made foods diet, along with vet and expert pet nutritionist Dr Matthew Muir.
The company’s origins go back to 2015 when in response to her border collie cross Lyka’s failing health, Ms 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 funding round of $500,000 was secured within 6 weeks of launch, from a network of individuals close to the entrepreneurs who wish to remain private.
What is Lyka hoping to achieve?
Lyka Pet Food aims to help as many dogs in Australia as possible to live longer, more energy abundant lives and educate as many people as possible on the nutritional benefits of fresh made pet food versus shelf bought food.
“We are on a mission to educate pet owners to make conscious decisions about how they fuel their pets – and not just follow the outdated status quo. Pet owners need to be as proactive about their pet’s health as they are about their own health.” she said.
“Traditional dog food from big industry players is substandard, and is designed to achieve minimal nutritional requirements, not necessarily for dogs to thrive” Ms Podolsky said.
“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. It’s time that we look at dog nutrition as a proactive tool to nourish their best life. Just like us, dogs are what they eat.”
Why has Lyka attracted this funding?
“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. Secondly, we are moving fast while still making analytical and data-driven decision. Thirdly, we bring a bring a fresh, outside perspective from a tired industry that has seen little innovation. We are building our Lyka products 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.”
Ms Podolsky said the capital raise within six weeks and the funding will allow the company to increase capacity and prepare for its next growth phase.
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.
The funding will allow the company to increase capacity and prepare for its next growth phase, Podolsky said.
“This capital raise will allow Lyka to grow rapidly and improve the lives of thousands of dogs across Australia,” she said.