Turkish pet food manufacturer signs $9M capital raise agreement

Through this $9 million (€8.24M) capital raise, the pet food manufacturer aims to increase its production capacity and double its existing export sales.

The company currently owns the Champion and Goody brands and wants to deploy additional funding to advertise and market its portfolio and add new products.

Tropikal Pet’s CEO, Izzet Saban, says, “Sales of pet foods are increasing more and more every year worldwide.” He adds that Tropikal Pet has “signed a very important capital raise agreement in order to expand in the Turkish market and to be able to take part in the US market.” 

Established in 1999, Tropikal Pet was initially an importer of international pet products. In 2005, it established the first dry cat and dog food factory in Turkey and became the first exporter in the sector, launching its own brand, Goody. 

In 2010, the pet food manufacturer received undisclosed funding from US-based investment firm The Riverside Company, which later exited the company in 2015.