STAFFORDSHIRE, ENGLAND — Devoted Pet Foods received £250,000 ($281,210 USD) in funding from Maven Capital Partners, a private equity and property fund manager, on Oct. 11. The funding will allow Devoted Pet Foods to boost its marketing strategy and expand its personnel and capabilities.
Founded in 2013, Devoted Pet Foods offers high-quality, grain-free pet food products. The company specializes in highly digestible, hypoallergenic, high-protein formulas suited for pets with sensitive stomachs. Devoted Pet Foods’ products span dry dog, puppy and cat foods and treats.
“With pet owners becoming increasingly conscious of the health and nutrition of their pets, Devoted Pet Foods is extremely well positioned to continue its growth by providing market-leading products that satisfy demand,” said Chris Rogers, investment manager at Maven.
Devoted Pet Foods received the funding through Maven’s Midlands Engine Investment Fund (MEIF). The company plans to use the funding to develop a new marketing strategy, expanding its audience, brand presence and consumer base. Devoted Pet Foods also plans to hire new personnel to help further its growth.
“Given that there are now over 10% more dogs and cats within the United Kingdom prior to COVID-19, we sought investment from Maven to capitalize on the booming sector within pet food, which is premium foods and treats,” said Tom Kibble, founder of Devoted Pet Foods. “This investment will allow us to expand our range and staff and we are delighted to partner with Maven who understood our business and shared our vision for expansion.”
Maven backs growing business throughout various industries, providing capital and expertise to help accelerate their growth. The company’s MEIF Debt Finance fund provides businesses with access to loans ranging from £100,000 to £1.5 million ($112,169 to $1.6 million USD) to support a variety of growth initiatives.
“The MEIF continues to support Midlands-based businesses, with nearly 800 investments made since its creation in 2017,” said Mark Wilcockson, senior investment manager at the British Business Bank, a partner of in Maven’s MEIF Debt Finance Fund. “This funding is a great example of how MEIF can be used to support the growth of companies such as Devoted Pet Foods.”
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