Lyka secures $45M to fuel growth and research

Lyka Pet Food, an Australian dog food producer, has raised A$67 million ($45M/€41M) in a Series C funding round led by New York-based venture capital firm LGVP.

In an interview with The Australian, Founder Anna Podolsky says the new capital will support the company’s expansion into new product lines and geographies. While the company ultimately plans to expand internationally, its current focus remains on the Australian market.

Podolsky also noted that Lyka is supporting a series of peer-reviewed clinical trials to advance research on pet longevity with academic institutions, including the University of Sydney, the University of Queensland and Massey University in New Zealand.

Previous investments

According to market intelligence platform Tracxn, Lyka has completed 6 funding rounds since its founding in 2018.

In November 2019, the company announced it had raised more than A$500,000 ($340,585/€312,000) in seed funding over 6 weeks.

This was followed by an A$1.6 million ($1.07M/€0.98M) seed round in 2020, with investors including Luke Anear, Founder and Chief Executive Officer of global technology firm SafetyCulture, and Sebastian Watkins, Co-founder and Chief Operating Officer of home loan platform Lendi.

In 2023, Lyka secured A$30 million ($20.3M/€18.5M), followed by A$25 million ($16.9M/€15.4M) in funding to support growing demand for dog health and wellness in the country. The capital was used to accelerate research, education and awareness around fresh feeding and its benefits, as well as to triple production capacity to meet demand.

In 2024, the Sydney-headquartered company expanded its manufacturing capabilities by adding a new plant in Dandenong South, a suburb of Melbourne, Victoria, with an investment of A$16 million ($10.4M/€9.6M).