Dog food delivery business doubles revenue and secures £15m

Pure Pet Food, which provides personalised dog food delivered to customers’ doors, has completed a £15m investment round led by Felix Capital and including Mercia Ventures.

The latest investment will support the further expansion of the West Yorkshire-based business following a period of growth.

It 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.

The business now employs over 100 staff 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. Its sales have grown by over 200% in the last two years to a run rate of £25m.

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.

Felix Capital, a venture capital firm and investor in brands such as Castore, Moonbug, Deliveroo, Oatly, Papier, Mejuri and Manual, has led a £15m investment round alongside participation from existing investor Mercia Ventures.

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 happy with 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.”

Jan Oosthuizen, investor at Mercia Ventures, added: “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 pleased to continue to support them in their pursuit of future milestones and to partner with Antoine and the wider Felix team.”

Pure Pet food Ltd 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.

The company’s board will now comprise: Miles Hill – chairman; Roz Cuschieri – CEO;  Dan Valdur Eha – co-founder; and COO; Mat Cockroft – co-founder and CGO; Jan Oosthuizen – investment director, Mercia Ventures;  Antoine Nussenbaum – co-founder and investor, Felix Capital; and Sarah Doyle – non-executive director.