Dog food subscription startup Lyka has raised $67 million in a Series C.
The raise was once again led by Israeli entrepreneur Itai Tsiddon’s New York VC fund LGVP, which previously heavily backed Lyka’s 2022 $30 million Series B and its $55 million top up in 2023.
The Series C takes the total raised to $155 million.
The cap table also includes Airtree partner and Pet Circle director Craig Blair, Petbarn founder Paul Wilson and Afterwork, Stepstone, Wattle Hill and Point King Capital.
Founded in 2018 by vet Dr Matthew Muir and Ukrainian immigrant Anna Podolsky – the company is named after her dog – Lyka makes fresh dog food and sells it directly to consumers on a subscription basis, costing on average, between $28 (for a half bowl) and $50 a week for a small dog – the cost depends on your pet’s weight, breed, age, and activity levels.
It’s a bit like Hello Fresh for dogs, with options such as grass fed beef and lamb bowls or free range chicken that includes ingredients such as quinoa, spinach, broccoli, carrots, kale, sardines, cabbage, chia seeds and kelp.
Goat, kangaroo and turkey are also on the menu.
Lyka now has around $200 million in annual recurring revenue and has built a $16 million production factory in Dandenong, Victoria, as well as kitchens in Sydney, where the business is based.
Even if you don’t know the brand, you probably know Lyka for the mock horror ad it released last year. Titled “The Brutal Pick Up” with the tag line “Real food makes your dog’s poo less horrific”, it involves a dog walk and smearing faeces all over the footpath.
The 90-second ad was banned on Netflix following complaints from viewers who described it as “one of the most disgusting ads ever,” with others saying they “nearly threw up their lunch”.” made them “feel sick” or” and was forced to “change the channel while eating”.
