The most recent funding will assist the additional growth of the Yorkshire-based enterprise following a interval of speedy progress.
Pure Pet Meals was based in 2013 by childhood associates Daniel Valdur Eha and Mathew Cockroft with a £300 mortgage. Their ambition was to revolutionise the ambient pet meals market by creating an alternative choice to conventional kibble, via the manufacture and advertising of pure, wholesome and simply digestible meals for canine. With UK canine possession persevering with to develop and extra pet house owners conscious of and looking for the advantages of wholesome meals, Pure’s founding mission is as related as ever.
The enterprise now employs over 100 group members at its manufacturing website and workplaces in Cleckheaton and serves 40,000 common clients all through the UK, who pay a month-to-month subscription and obtain common deliveries of pet meals tailor-made to their canine’s wants. Since 2013 Pure has served over 42 million meals to canine throughout the nation. Pure Pet Meals’s gross sales have grown by over 200% within the final two years to a run price of £25million, capitalising on the premiumisation of the pet care business. The corporate appointed new CEO Roz Cuschieri in April 2023, who has beforehand held board roles at Warburtons and Genius Meals, to work alongside the founders.
This progress inspired the enterprise to hunt further exterior funding to gas additional growth each within the UK and new markets, in addition to develop its distribution channels and product classes.
The European pet meals market is the second largest globally simply behind the U.S. at c.$55b (£42b) 2024 rising at c. 7.5% CAGR to achieve $79b (£61b) by 2029. The worldwide e-com pet care market is projected to develop at c.11% CAGR over the subsequent decade.
Felix Capital, the trendy lifestyle-focused enterprise capital agency, traders within the likes of Castore, Moonbug, Deliveroo, Oatly, Papier, Mejuri and Handbook, has led a £15m funding spherical alongside participation from current investor Mercia Ventures.
Mat Cockroft, co-founder of Pure Pet Meals, mentioned: “We’re thrilled to accomplice with Felix Capital, whose group have demonstrated distinctive assist and collaboration. Having one in every of Europe’s main client traders concerned within the enterprise marks a big milestone for us, and we’re excited to form the way forward for Pure collectively.
“We’re additionally delighted for the continuing assist from our present traders and group, who consider in our mission and sector. Dan and I’ve come a good distance from beginning Pure. Our ambitions have grown alongside the enterprise, and we’re desirous to proceed in our quest to create meals that makes a profound affect on the well being and happiness of our canine.”
Antoine Nussenbaum, co-founder and Investor at Felix Capital, mentioned: “We’ll at all times bear in mind the primary go to to Pure’s workplaces. We witnessed every little thing we prefer to see in an entrepreneurial journey. The longstanding relentless drive from Mat and Dan, mixed with Roz’s superb expertise in consumer-packaged items is a real recipe for achievement. In a world the place individuals choose increasingly more for pethood over parenthood, we’re humbled and excited to hitch this journey alongside Jan at Mercia, in addition to Miles Hill and Sarah Doyle from Pure. We shall be supporting the entire group at Pure with their mission to develop into a number one, high-quality, sustainable, and distinctive trendy model for pets.”
Jan Oosthuizen, investor at Mercia Ventures, mentioned: “Pure has gone from power to power lately, a testomony to the dedication and exhausting work of Dan, Mat, Roz and the group. The corporate’s imaginative and prescient and ambition persistently excite us, so we’re delighted to proceed to assist them of their pursuit of future milestones and to accomplice with Antoine and the broader Felix group.”
Pure Pet meals was suggested by Womble Bond Dickinson and BHP LLP. Mercia Ventures was suggested by Muckle LLP and Philip Hare & Associates. Felix Capital was suggested by Latham and Watkins, and Mazars LLP.
