DTC brand Smalls bags $19 million in funding
The company aims to make its cat food products more accessible as it enters into the retail sector.
Smalls secured a $19 million (€17.3M) capital injection from Companion Fund and other investors, including Left Lane Capital, Valor Capital, General Mills’ venture capital arm 301 INC, Ohio State University’s endowment fund, and Founder Collective.
According to the company, the participation of big industry players in the funding round shows “a consensus in the industry that high-quality treatment of our pets is showing no signs of slowing.”
Morgan Stanley predicts that the total spending on the pet industry worldwide is expected to surpass $277 billion (€252.8B) by 2030.
Founded in 2017, New York-based Smalls pioneered the pet category through cat products tailored to improving feline health with human-grade fresh ingredients, ultra-high protein, and freeze-dried raw meat. Since its inception, the company said it had generated 8 figures in sales catering to over 100,000 cats.
Capitalizing the opportunity
The company reported that the capital injection would be used to make the products more accessible and increase the offering as they enter retail for the first time. Smalls also aims to expand their company headcount by 25%.
Smalls stated it is slowly capitalizing on the opportunity to be “the leading voice for cats,” providing food solutions for more than 45.3 million cat parents in the US. “Smalls is committed to investing exclusively in cats so we can continue to bring innovation to a customer in dire need of healthier products,” said Co-Founder and CEO Matt Michaelson.
“Cats are notoriously picky customers, but Smalls has cracked the code on creating fresh, minimally processed meal food plans that cats love, and we are excited to be part of their growth story,” noted Cindy Cole, DVM and Technical Partner at Companion Fund.
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