Good Dog Food, a start-up establishing family pet food made from cells, has actually raised seed financing of £3.6m ($4.5m).
The business, established a year earlier, has actually drawn in fresh support from Agronomics, the UK-listed financial investment company tilling funds into cell-based business and other alternative-protein businesses.
Agronomics, already a financier in Good Dog Food, contributed £1m to the business’s Good Dog Food’s seed round, providing the financier simply over 42% of the business.
Last year, it invested £150,000 in the business.
Other backers in the seed round consisted of private-equity company Siddhi Capital, which has actually purchased new food business consisting of US cell-based meat developer New Age Meats and Magic Spoon, a US breakfast cereal maker.
“As a dog owner, I have been looking for high-quality alternatives to traditional meat to provide to my dogs. Good Dog Food will do exactly that. It is even more exciting to know that Good Dog Food may accelerate the introduction of cultivated meat to the broader public,” Agronomics executive director Jim Mellon said.
Mellon is the creator of the previous mining business Regent Pacific Group, now referred to as Endurance and concentrated on biopharma.
He put £300,000 into Good Dog Food’s seed round, getting simply except 3% of the business.
Owen Ensor, Good Dog Food’s CEO, said Agronomics’ “industry-leading expertise and advice have been fundamental to the ongoing success of Good Dog Food”.
He included: “With their support, we aim to bring some of the first-ever cultivated meat products to market and, ultimately, help transform our food system into one that is both sustainable and ethical. Developing products for pet food is the natural starting point.”
Good Dog Food says the distinctions in policy indicate it will be quicker to launch cell-based family pet items than human food.
Agronomics’ portfolio consists of financial investments in Israel-based cell-chicken designer SuperMeat and in All G Foods, an Australian provider of alternative dairy and meat items.
