Plant-based dogfood brand Omni has smashed its £400k fundraising target within three days.
The brand, which had set a target of raising £404,004, overfunded within 15 minutes of going live on crowdfunding platform Seedrs earlier this week (24 January).
The DTC business offered customers the chance to invest for as little as £11.
At the time of writing, it had raised £422,297 with 27 days left until the round closes.
Omni was founded by vet Guy Sandelowsky and former investment banker Shiv Sivakumar in 2020, in a bid to improve the sustainability credentials of the petfood category. The business claims to have seen an average month-on-month revenue growth of 30% since launching in May 2021.
It plans to use the funds for “aggressive expansion”, which includes R&D into “fibrous plant-based meat products that look just like chicken, beef and lamb”. The brand also hopes to expand into the German market.
“Omni would not be in the strong position it is in today without the support and loyalty of our community of veggies, vegans and flexitarians, who love their dogs but want to do better for their health and the planet,” said Sandelowsky.
“Giving them an opportunity to own a share of our business just feels like the right thing to do, and the right moment too – we are so proud to have been overfunded in just 15 minutes since going public with the campaign.
“This really shows the appetite for investments in the recession-proof petfood category, especially in the alternative protein space. The more we overfund, the quicker we can address our other long-term objectives like entering the cat market with innovative new products.”
Omni claims to have sold more than half a million meals in 2022. It is currently a pureplay DTC business, but plans to expand into retail this year.
It comes after the business raised £1.1m in an initial fundraising round in January 2022. Backers included institutional food-tech investors such as ProVeg International, Trellis Road, Purple Orange Ventures, Shiocap and Kale United.
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