BOULDER, COLO. — On Sept. 7, Bond Pet Foods completed its Series A funding round, raising $17.5 million in investments. The company will use the funds to further scale its development of sustainable meat proteins for use in pet food formulations.
Investors from the round include ADM Ventures, Cavallo Ventures by Wilbur Ellis, Thia Ventures, iSelect Fund, Stage 1 Fund, Lifely VC, Satori Capital and Joan Jett, and funding from Genoa Ventures and Lever VC.
“We're thrilled to welcome this diverse, world-class coalition of investors into the Bond family,” said Rich Kelleman, chief executive officer and co-founder of Bond Pet Foods. “With their support we'll be able to take our work to the next level, developing and scaling a variety of meat proteins for our valued partners in the pet food space.”
To scale its business, Bond Pet Foods will use the investments to expand its protein portfolio and production with a new 15,000-square-foot facility. The company also plans to more than triple its personnel, strengthening its technical, scientific and regulatory capabilities.
“We're excited to be a part of this next chapter of Bond Pet Foods' growth,” said Jorge Martinez, president of pet solutions for ADM. “Pet nutrition, with industry sales at $100 billion and growing at 4.5% a year, is an important growth pillar for ADM.
“More and more, consumers demand their pets eat the same sustainable, responsibly produced food that they themselves eat, and proteins produced by precision fermentation are key to being part of the future of the industry,” Martinez said. “We've expanded our capabilities in these categories and are proud to be part of the Bond Pet Foods journey, as they offer new opportunities to bring these growth trends together.”
Founded in 2017, Bond Pet Foods is committed to creating a more sustainable, responsible and humane pet industry by developing alternative proteins. According to the company, the consumption of meat proteins by dogs and cats alone accounts for up to 30% of the negative effects of climate change, including the heavy usage of land, water and energy caused by meat production.
To help alleviate this problem, Bond Pet Foods uses fermentation to develop nutritionally complete chicken, beef, fish and other proteins that are nearly identical to those in nature. The company’s fermentation process is similar to that used to create lactic acid, vitamin B12 and enzymes in cheese production without relying on animal farming.
This Series A funding follows many significant investments Bond Pet Foods has received, amassing a total of $20 million in funding, and significant business growth. In November 2021, the company announced a partnership with Hill’s Pet Nutrition. In February 2022, the company added musician Sia Furler to its team as an investor and advisor.
“The company's recent achievements on strain development and cost, as well as their expanding relationships with global strategic partners, have validated Bond's technology platform and their ability to usher in a new era of responsible protein for our pets,” said Jenny Rooke, managing director of Genoa Ventures. “We're bullish about Bond's approach and their potential to change the pet food supply chain for the better.”
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