Dog food subscription startup Lyka has raised $67 million in its Series C funding round. The funding was completed in late January. The round was again led by Israeli entrepreneur Itai Tsiddon through his New York-based venture capital fund LGVP, which had also strongly supported Lyka in earlier funding rounds.
LGVP previously invested in Lyka’s $30 million Series B round in 2022 and its $55 million follow-up funding in 2023. With this new Series C investment, Lyka has now raised a total of $155 million since it started.
It is similar to HelloFresh, but for dogs. Lyka offers fresh meal options like grass-fed beef and lamb bowls or free-range chicken. The meals include healthy ingredients such as quinoa, spinach, broccoli, carrots, kale, sardines, cabbage, chia seeds, and kelp. Dogs can also enjoy other meats like goat, kangaroo, and turkey.
Lyka now earns around $200 million in yearly recurring revenue. The company has built a $16 million production factory in Dandenong, Victoria, and also runs kitchens in Sydney, where its main office is located.
Lyka was started in 2018 by veterinarian Dr Matthew Muir and Ukrainian immigrant Anna Podolsky. The company is named after Anna’s dog.
Lyka makes fresh dog food and sells it directly to customers through a subscription plan. Pet owners receive regular deliveries of fresh meals for their dogs.
The cost usually ranges from about $28 per week for a half bowl to around $50 per week for a small dog. The price depends on the dog’s weight, breed, age, and how active the dog is.
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