Eco pet product start-up Project Blu has secured a multi-million-pound deal with San Diego-based Metamorphosis, a venture capital firm that aims to accelerate businesses in the pet industry.
The deal will see Metamorphosis take an equity stake in Project Blu, which was founded in 2019 by Geryn Evans.
The company claims to be the first global pet brand to offer a full range of sustainable accessories, with an aim to reduce ocean-bound plastic waste and the broader environmental impact of manufacturing pet products. It does so by using “innovative” textiles and technologies.
To date, Project Blu has sold over 87,000 products made from over six million plastic bottles. It currently offers a range of products that includes leads, harnesses, pet beds and toys.
Since launching at the Zoomark exhibition in Bologna, Italy last year, the company has secured UK stockist deals with retailers John Lewis and Joules. It also sells direct to consumers via its e-commerce platform.
In addition, Project Blu previously secured an investment of $200,000 (£150,000) from Mars Petcare, which awarded the firm a place on the Leap Venture Studio accelerator programme in Los Angeles.
Its latest deal will reportedly allow the company to “harness the expertise” of Metamorphosis. The venture capital firm stated its mission is to “create extraordinary value for stakeholders and clients by creating, operating, accelerating and marketing next-level pet content, media networks, products and services”.
Evans said the latest partnership will be a “game-changer” as the firm looks to expand into the US and other international markets.
He said: “Project Blu is all about driving positive change in an industry that was ripe for disruption. We aim to prove that pet brands can be sustainable, stylish and profitable on a global scale, and this partnership will be a crucial part of our plan to expand into several international markets in 2021.
“The pet industry is a growing, recession-resistant market where sustainability is one of the biggest emerging trends for pet owners who are increasingly conscious of how products are made and where they end up.”
He added: “We are incredibly excited about partnering with one of the biggest players in the marketplace, and we are looking forward to tapping into the knowledge and expertise of the Metamorphosis team to build our brand in the lucrative North American market and beyond.”