TORONTO — Open Farm announced Jan. 12 it has secured more than $65 million in its latest funding round led by General Atlantic, a global growth equity firm.
This marks the first pet industry investment made by the equity firm and establishes General Atlantic as a minority partner with Encore Consumer Capital.
With this new funding, Open Farm will home in on expanding its brand reach, product innovation and sustainability initiatives.
“Today’s pet parent is looking for exceptional nutrition that also aligns with their values,” said Isaac Langleben, co-founder and chief executive officer of Open Farm. “We go to great lengths to create amazing foods, using the world’s best, ethically sourced ingredients, and take pride that every ingredient, in every bag of Open Farm, can be traced back to the source. We are so excited to partner with the team at General Atlantic as we continue to push our mission forward and establish Open Farm as the global leader in the premium pet food space.”
Since it was founded in 2014, Open Farm has partnered with TerraCycle on a national pet food bag recycling program and Loop to offer reusable packaging for its freeze-dried dog foods. The brand has also partnered with Certified Humane, Global Animal partnership and Ocean Wise Seafood to ethically source ingredients for its pet food formulas.
“Mission-driven brands are a key focus for General Atlantic, and we are thrilled to partner with the Open Farm team, a group of passionate entrepreneurs who have built an authentic brand on the global and growing interest in better pet food options,” said Andrew Ferrer, managing director at General Atlantic. “Open Farm is well-positioned to deliver on the modern food values of its customers with its diverse portfolio of ethically and sustainably sourced premium products.”
Ben Sherman, vice president of General Atlantic, added, “Open Farm is a highly differentiated brand and a leader within the growing pet food sector. We are excited to support the team as they look to drive consumer awareness, enhance retailer support, and continue to deliver new product innovation and transparency around the world.”
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