Singapore pet start-up receives fresh funding

Singapore-based pet food start-up Pawprints Group is set to bolster its innovation capabilities and continue its research and development (R&D) after a capital injection from Asia Fund X (AFX), an opportunity fund backed by venture capital investment firm MSW Ventures.

This represents a significant milestone for Pawprints, coming off a strong performance in successive quarters. The funding is expected to boost the company’s operational capacities through measured bench-building and the onboarding of veterinary and nutritional experts.

“The next step for us is to ensure that we continue developing more Pawprints brands, especially those uniquely focused on alternative, insect-based black soldier fly protein. We want to prove its efficacy through more clinical studies and trials,” company Founder Jacqueline Sulistyo tells GlobalPETS.

The investment, the amount of which remains undisclosed, follows a $1.7 million seed round in November 2023.

Redefining pet nutrition

Jacqueline, who started the company to meet the demands of her “picky” cat Leo, says that Pawprints’ mission is to redefine pet nutrition, understanding that quality and detail in pet nutrition are vital parts of being a responsible pet parent.

Following the launch of its signature Pawprints brand in June 2023, the group, which also includes the Heka brand, which is focused on the Japanese market, has more than doubled its monthly revenue and sold over 120 tons of pet food. This demonstrates strong demand and broad market fit for sustainable and health-focused pet nutrition.

Loyal customers

Pawprints has completed over 35,000 orders and is available in over 700 offline outlets. The company claims a high customer retention rate, with over 33% of its monthly revenue in Japan generated from loyal subscribers.

With a robust presence in high-growth markets, Pawprints Group is positioned to capitalize on Asia’s expanding pet care industry, now valued at $47 billion (€43.1B) and growing at a compound annual growth rate of 11%.

The company recently launched an omega oil supplement for dogs and cats made of 100% black soldier fly protein and plans to penetrate this growing consumer segment by introducing more than 10 new product stock-keeping units by the end of the year.

Jacqueline’s journey to find nutritional and tasty food for Leo led her to discover insect-based proteins’ nutritional and environmental benefits.

“This realization kickstarted my mission to build Pawprints, aiming to equip fellow ‘pawrents’ with the guidance and resources they need for all things pet food. Although founding a pet food company in Asia is a challenging endeavor, I firmly believe it is the right one,” she says.