The latest investment will support the further expansion of the Yorkshire-based business following a period of rapid growth.
Pure Pet Food was founded in 2013 by childhood friends Daniel Valdur Eha and Mathew Cockroft with a £300 loan. Their ambition was to revolutionise the ambient pet food market by creating an alternative to traditional kibble, through the manufacture and marketing of natural, healthy and easily digestible food for dogs. With UK dog ownership continuing to grow and more pet owners aware of and searching for the benefits of healthy meals, Pure’s founding mission is as relevant as ever.
The business now employs over 100 team members at its manufacturing site and offices in Cleckheaton and serves 40,000 regular customers throughout the UK, who pay a monthly subscription and receive regular deliveries of pet food tailored to their dog’s needs. Since 2013 Pure has served over 42 million meals to dogs all around the country. Pure Pet Food’s sales have grown by over 200% in the last two years to a run rate of £25million, capitalising on the premiumisation of the pet care industry. The company appointed new CEO Roz Cuschieri in April 2023, who has previously held board roles at Warburtons and Genius Food, to work alongside the founders.
This growth encouraged the business to seek additional external investment to fuel further expansion both in the UK and new markets, as well as develop its distribution channels and product categories.
The European pet food market is the second largest globally just behind the U.S. at c.$55b (£42b) 2024 growing at c. 7.5% CAGR to reach $79b (£61b) by 2029. The global e-com pet care market is projected to grow at c.11% CAGR over the next decade.
Felix Capital, the modern lifestyle-focused venture capital firm, investors in the likes of Castore, Moonbug, Deliveroo, Oatly, Papier, Mejuri and Manual, has led a £15m investment round alongside participation from existing investor Mercia Ventures.
Mat Cockroft, co-founder of Pure Pet Food, said: “We are thrilled to partner with Felix Capital, whose team have demonstrated exceptional support and collaboration. Having one of Europe’s leading consumer investors involved in the business marks a significant milestone for us, and we are excited to shape the future of Pure together.
“We are also delighted for the ongoing support from our current investors and team, who believe in our mission and sector. Dan and I have come a long way from starting Pure. Our ambitions have grown alongside the business, and we are eager to continue in our quest to create food that makes a profound impact on the health and happiness of our dogs.”
Antoine Nussenbaum, co-founder and Investor at Felix Capital, said: “We will always remember the first visit to Pure’s offices. We witnessed everything we like to see in an entrepreneurial journey. The longstanding relentless drive from Mat and Dan, combined with Roz’s amazing experience in consumer-packaged goods is a true recipe for success. In a world where people opt more and more for pethood over parenthood, we are humbled and excited to join this journey alongside Jan at Mercia, as well as Miles Hill and Sarah Doyle from Pure. We will be supporting the whole team at Pure with their mission to become a leading, high-quality, sustainable, and distinctive modern brand for pets.”
Jan Oosthuizen, investor at Mercia Ventures, said: “Pure has gone from strength to strength in recent years, a testament to the dedication and hard work of Dan, Mat, Roz and the team. The company’s vision and ambition consistently excite us, so we are delighted to continue to support them in their pursuit of future milestones and to partner with Antoine and the wider Felix team.”
Pure Pet food was advised by Womble Bond Dickinson and BHP LLP. Mercia Ventures was advised by Muckle LLP and Philip Hare & Associates. Felix Capital was advised by Latham and Watkins, and Mazars LLP.
