Cultivated petfood player Good Dog Food has raised £3.6m of seed financing to fund its efforts to create meat-free alternatives.
Bio-tech investor Agronomics invested £1m in the fundraise, having backed the launch of the company in March last year alongside Roslin Technologies.
Investors joining this latest round of financing include Siddhi Capital, a prominent investor in innovative food products and technologies, together with a number of private individuals.
Agronomics now holds 8,768 shares in Good Dog Food, representing 42.4% of the company. Jim Mellon, an executive director of Agronomics and a 2.99% shareholder in Good Dog Food, also participated in the fundraise with a £300,000 investment.
The funds will help the business develop cultivated petfood, with the goal of creating a novel range of products from ingredients to target pet owners who value sustainable, slaughter-free, antibiotic-free, high-quality nutritious food for their pets.
Agronomics said food for companion animals accounts for almost a quarter of meat produced in the US, and in the US alone it is estimated dogfood and catfood is responsible for 65 million tonnes of CO2-equivalent methane and nitrous oxide.
To date the group has removed all animal components from its manufacturing process, developed prototype products, and built relationships with leading petfood manufacturers and retailers.
Mellon said: “By creating sustainable, ethical meat from cells, Good Dog Food is able to replace the 20% of meat and fish produced globally for use in petfood.
“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 Good Dog Food may accelerate the introduction of cultivated meat to the broader public.”
Owen Ensor, Good Dog Food CEO, added: “We’re extremely excited to work with Agronomics. Their industry-leading expertise and advice have been fundamental to the ongoing success of Good Dog Food.
“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 petfood is the natural starting point.”
Agronomics launched Good Dog Food last year, investing £150,000 in the founder’s round.
Agronomics will carry this investment at £5m, including an unrealised gain of £3.8m.