Lyka secures $17 million in funding round
The Australian fresh dog food manufacturer aims to triple its production capacity.
Lyka has closed funding of AU$25 million ($16.9M/€15.4M) to support the increased demand for dog wellness in the country.
CEO and Founder Anna Podolsky tells GlobalPETS that the capital injection will be used to accelerate research, education and awareness around fresh feeding and its benefits.
The Sydney-based company also wants to triple its production to help meet demand.
Apart from indicating investor confidence in Lyka, the CEO says that the successful funding round reflects that pet parents are now spending more, showing the industry can thrive in times of economic crisis.
Half a year ago, the firm closed an additional AU$30 million ($20.3M/€18.5M), bringing the total investment amount to AU$55 million ($36.7M/€33.7M).
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