Image credits: KatKin
KatKin, a London-based pet tech platform serving the pet cat market, announced on Monday that it has secured $22M (approximately €21.5M) in a Series A round of funding. The latest round takes the total funding raised by the company to $28M (approximately €27M).
The round was led by Verlinvest and Perwyn, with participation from Octopus Ventures and strategic angels.
Fund utilisation
KatKin says it will use the funds to invest in personalised health plans, increase R&D, and develop new fresh-cooked recipes. The company will also use the funds to accelerate its global expansion in 2023.
The UK company plans to launch sustainable tofu-based and health-indicated litters, worming tablets, and flea treatments this year. Smart tech stimulating toys and fairer insurance are other products in the pipeline.
The Allied Market Research (AMR) report reveals that cat food is the fastest-growing sector in the global pet food market, expected to be worth around $50B (approximately €49M) by 2030.
Brett O’Farrell, KatKin co-founder, says, “KatKin began when Nikki and I questioned what we were feeding our cats Molly, Kiki, and Columbus. The more we asked, the more horrified we were at what we found. So we gathered an ambitious, world-class team of people willing to stick their noses up at the cat food chain. Right now, mainstream cat food is stale – packed with cheap ingredients, hard-to-understand labels, and fluffed-up claims. It’s difficult to find what’s best, and customers are frustrated. In contrast, the demand is huge for KatKin – we’re doubling in size and customer base every six months. We’re grateful to Lopo and Cecile at Verlinvest and Andrew at Perwyn, as well as for the continued support from Octopus and our angel investors. This support doesn’t just invest in our business but also the health and happiness of cats and cat parents.”
KatKin: What you need to know
Founded in 2019 by cat parents and siblings Nikki and Brett O’Farrell, KatKin is Europe’s first fresh-cooked cat food company.
With the help of a board-certified veterinary nutritionist, the company’s market-first fresh food replicates what cats evolved to eat in the wild – a high-quality protein, high moisture, and grain-free diet, such as that found in fresh meat.
The company claims to formulate each recipe with 100 per cent human-grade meat, gently steam cooked and frozen fresh.
KatKin’s proprietary algorithm enables the personalisation of cat food based on a range of inputs, including weight, size, age, activity level, and medical conditions. Users can also choose from various flavours, including beef, chicken, turkey, duck, pork, lamb, and fish.
The company uses data to ensure that cats get the right food. This prevents overfeeding and ensures that cats get the nutrients they need.
KatKin controls the supply chain from sourcing to shipping, and hence claims that its products are free from preservatives and fillers, and transparent and free from the risks associated with mass-produced food.
KatKin has delivered around 9 million fresh meals to over 80,000 happy, healthy cats across the UK.
“More than 80 per cent of cat parents report real-life improvements: 62 per cent said their cat was more playful and energetic, 65 per cent felt shiny, strokable coats, and more than half reported improved digestion, as well as fewer trips to the vets,” claims the company.
Nikki O’Farrell, KatKin co-founder, adds, “We’re cat parents that love hard. Cat wellbeing happens to be our profession, but it’s our passion first. And it shows – we’re the highest-rated cat food brand on Trustpilot. It’s all about creating awareness among cat parents, and bringing them together as a community to drive change in the cat food industry. With fresh, personalised, and individual meals costing less than other premium brands and most mid-market brands, we’re on a mission to get all cats thriving.”
Investors
Verlinvest is an international, family-backed investment company. The company focuses on growth-stage companies in FMCG, health and care, and digital platforms, ‘which are restless to accelerate growth.’ The firm has over €2B in Assets Under Management and counts brands such as Oatly, Vita Coco, Tony’s Chocolonely, BYJU’s, Heads Up for Tails, and Who Gives A Crap among its portfolio.
Lopo Champalimaud, Board Director, Verlinvest, says, “I am very excited to partner with Brett, Nikki, and the KatKin team on their journey to revolutionise the pet food sector by offering healthy and fresh cat food at competitive prices. This is a sector that Verlinvest has been looking at for some time, and KatKin is exactly the kind of innovative and disruptive brand that we love to support on its way to global leadership. Our cats deserve better.”
Perwyn is a family-backed, international private and growth equity investor. The VC invests in growing businesses headquartered in Europe and the UK, supporting founders and entrepreneurs with its strategic and operational expertise and capital. Current and previous brands include Gousto, Freshcut Foods, Secret Sales, HungryPanda, and Decibel.
Andrew Wynn, founder and Managing Partner, Perwyn, says, “Following our previous investment in the healthy pet food sector and the invaluable experience that we built up in this market, it has been a delight to get to know Nikki and Brett and to learn about KatKin and the enormous success they have had with their brand. We are very excited to partner with them and to build the next chapter in KatKin’s story. The business is well-positioned to drive growth in the rapidly expanding natural and fresh food market for pets, and we look forward to supporting KatKin on the execution of its expansion plans.”
Catch our interview with Paul Down, Head of Sales at Intigriti.
