Premium petfood provider Devoted Pet Foods has launched a crowdfunding campaign as it aims to expand its online offering with the launch of a direct-to-consumer subscription model.
The brand is looking to raise £100k on Crowdcube in exchange for a 4.8% stake - valuing the business at £2m.
The campaign has so far reached 61% of its target, raising over £60k from 67 investors.
Devoted Pet Foods plans to use the cash raised to “go in strongly” to the online DTC market, both in the UK and internationally.
“We are gearing more towards expanding our online proposition,” founder Tom Kibble told The Grocer. “In the future we want to take the business purely online, with a subscription-based model.
“As a business our scalability will be a lot quicker if we can lower the overhead costs to a minimum.”
Subscribers will be able to save by bundling up products. The company plans to launch wet food and treat options next year.
Devoted Pet Foods’ range is grain-free and contains 60% meat. It is currently available to purchase online at Waitrose Pet and Ocado, as well as several independent pet shops.
Internationally, Devoted is already available in 16 countries, including Japan and Russia – two of the biggest export markets available to the UK – and is looking to enter the Korean market.
Revenues amounted to £415k in the year to 31 January 2019. The business said it anticipated sales would grow to £1.4m next year, mainly due to the expansion of its online offer and the entrance into new markets, especially Russia.
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