SYDNEY, AUSTRALIA — Pet wellness startup Lyka shared it recently secured $25 million in follow-on funding, increasing its total series B funding to $55 million. The round was led by Itai Tsiddon from LGVP and received participation from StepStone Group, AfterWork Ventures, Shearwater and Point King Capital.
Founded by Anna Podolsky, Lyka proclaims itself as a disruptor in the pet industry, focusing on preventive, holistic pet health care through fresh nutrition. According to the company, processed pet foods are extremely prevalent in Australia. However, as awareness in pet health expands, consumers are seeking out less processed nutritional options for their four-legged companions, like fresh diets.
The Australian company offers complete-and-balanced meals, treats and supplements for dogs directly delivered to consumers. Its formulas are developed by Integrative Veterinarian Matthew Muir, Ph.D., co-founder of the company, alongside a team of veterinary nutritionists. Lyka takes a tailored, portion-controlled approach with its diets, taking into account a dog’s specific weight, breed, lifestyle and activity level to provide optimal fresh nutrition.
The formulas are made with research-based, whole food ingredients, which offer a variety of benefits, according to Lyka.
“Every week in clinic, I'm seeing the incredible transformations and financial benefits of whole foods, with so many pet parents understanding the importance of nutrition,” Muir said. “From the ongoing costs associated with chronic skin and gut disease management, even, in some instances, avoiding the need for costly hospitalizations for conditions like unstable diabetes and dental surgery procedures, my clients are reaping the benefits of investing in portion-controlled, quality whole food nutrition by saving money on vet bills and boosting their dog’s health in the process. As a vet, subjecting less pets to invasive clinical care and relieving some of the enormous pressure we're under is a huge win for all.”
According to Lyka, it has served 20 million bowls of fresh food since its founding.
“We initially invested because of the transformational impact Lyka’s products have on pets — its digital community is a constant stream of customer stories about how feeding Lyka has reversed the impact of chronic diseases and given pets a new lease on life,” said Jessy Wu, investment principal at AfterWork Ventures. “We re-invested in this round because we see an opportunity beyond pet food — we back Lyka’s to be leaders in delivering holistic pet wellness solutions — including preventative and personalized care.”
With this increase in funding, Podolsky shared plans to expand Lyka’s presence throughout Australia and to increase its capabilities.
“On all levels, Lyka has been backed,” she said. “This has compelled us to widen our reach, and we’re now servicing more areas including, Tasmania, Western Australian and more regional areas across the country. We’re also building a new kitchen in Melbourne, which will become one of the most advanced, human-grade pet food facilities in the world.”
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