Good Dog Food raises £3.6m for new slaughter-free pet food

Good Dog Food has raised seed financing of £3.6m to fund its efforts to create slaughter-free alternatives for pet food.

The company, set up a year ago, has attracted fresh backing from Agronomics, the UK-listed investment firm ploughing funds into cell-based companies and other alternative-protein businesses.

Agronomics, already an investor in Good Dog Food, contributed £1m to the company’s Good Dog Food’s seed round.

The funding will result in Agronomics holding 8,768 shares in GDF representing 42.4% of the company.
Investors joining this latest round of financing includes Siddhi Capital, an investor in innovative food products and technologies, together with a number of private individuals.

Jim Mellon, executive director of Agronomics and a 2.99% shareholder in GDF, also participated in the fundraise, with a £300,000 investment.

GDF is focused on developing cultivated pet food, with the goal of creating a “novel” range of products from ingredients that should appeal to pet owners who value “sustainable”, “slaughter-free”, “antibiotic-free”, “high quality” nutritious food for their pets.

GDF said that meat provides “essential nutrients for companion animals, however, when produced from livestock or fish, it is a major driver of climate change and often results in the overexploitation of natural resources”.

Food for companion animals accounts for almost a quarter of meat produced in the US, and in the US alone it is estimated dog and cat food is responsible for 65 million tonnes of CO2-equivalent methane and nitrous oxide.

In March 2022 Agronomics launched GDF, investing £150,000 in the Founder’s round. Subject to audit, Agronomics will be carrying this investment at £4.96m, including an unrealised gain of £3.81m.

Owen Ensor, GDF’s CEO, said: “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 pet food is the natural starting point.”

Mellon, executive director of Agronomics, added: “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 pet food.

“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.”