SYDNEY, AUSTRALIA — Lyka Pet Food, an Australian fresh pet food manufacturer, has secured $1.57 million in seed round funding, despite market chaos caused by the COVID-19 pandemic.
The recent investment will help Lyka increase production and accelerate product development to add new formulas and meet growing demand.
Luke Anear, founder and chief executive officer of SafetyCulture, and Sebastian Watkins, co-founder and chief operating officer of Lendi, were two investors involved in this latest round of funding.
“Tech disruption doesn't always take the shape of a platform or a device,” Anear said. “Sometimes it’s simply taking a tired traditional industry and reinvigorating it with what the current market wants in an improved direct-to-consumer model. Lyka successfully addresses two key needs of the modern dog owner: nutritious produce in a delivery subscription format that suits their lifestyle.”
The human-grade, fresh pet food company was founded by Anna Podolsky, former consultant at Bain & Company, and named after Podolsky’s Border Collie, Lyka.
“Witnessing the remarkable and quick improvement in Lyka’s energy, coat, and even the reversal of her tooth decay, I was driven to make the benefits of dog food made with real ingredients — what feed ourselves — not only well-known but accessible for all,” Podolsky said. “Two years later, I’m proud to see so many Australians — animal lovers and investors alike — appreciate the value in our real, human-grade quality food, and I’m thrilled for the opportunity to continue to provide it on an even larger scale.”
Matthew Muir, DVM, holistic veterinarian and integrative veterinary surgeon, helped co-found the company. Muir is the head of product for Lyka, applying 10 years of clinical feeding trail experience to the role.
“Steep growth in the demand for, and subsequent adaptation to, delivery services, plus to a boom in dog ownership, have certainly worked in Lyka’s favour – but the use of innovative technology to deliver a high quality product and customer experience is an investable business model regardless of the climate,” Anear added.
In November 2019, Lyka announced it had received more than $500,000 AUD ($340,585 USD) in seed funding over the course of six weeks.
According to Lyka, the company has so far served more than 400,000 meals to Australian dog owners and is looking to grow with these additional investments.
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