Key Takeaways
- • Smalls, a direct-to-consumer fresh cat-only food brand, closed a $19 million funding round, according to a Business Wire announcement dated March 28, 2023.
- • The round was led by Companion Fund, with participation from Left Lane Capital, Valor Capital, 301 INC (General Mills' venture capital arm), and Ohio State University's endowment fund; Founder Collective invested in a prior round.
- • Since its 2017 launch, Smalls has generated eight-figure sales and has fed more than 100,000 cats.
- • The company will use the capital to enter retail for the first time, expand its product line, and grow headcount by nearly 25%.
- • Smalls positions itself as a cat-exclusive player in a pet category it describes as underserved, citing a projected pet industry market of more than $277 billion by 2030.
Summary
Smalls, a New York-based direct-to-consumer brand that sells fresh, ultra-high-protein, human-grade food exclusively for cats, has raised $19 million, according to a Business Wire release. The round was led by Companion Fund, the venture-stage pet care investor managed by Digitalis Ventures. Other participants include Left Lane Capital, Valor Capital, 301 INC (General Mills' venture capital arm), and the endowment fund of Ohio State University. Founder Collective, which backed an earlier round, also participated.
The company, founded in 2017, reports that it has generated eight-figure sales and fed more than 100,000 cats. Smalls frames its positioning around the claim that cats have been underserved by a pet food industry that has historically tailored products to dog owners. Co-founder and CEO Matt Michaelson said cats are present in 25% of US households and that Smalls is committed to investing exclusively in feline products. The release cites a projected pet industry size of more than $277 billion by 2030 and identifies more than 45.3 million U.S. cat parents as its addressable market.
Cindy Cole, DVM and Technical Partner at Companion Fund, said Smalls differentiated itself through its focus on feline health and its minimally processed meal plans. The company stated that the investment reflects continued investor confidence in premium pet food. The capital will fund retail entry, a broader product range, and headcount growth of nearly 25% at a time when other companies are conducting layoffs. Smalls also said it offers employees a fully remote, four-day work week.
The release is company-issued, and its performance and market-size figures have not been independently verified.
The company, founded in 2017, reports that it has generated eight-figure sales and fed more than 100,000 cats. Smalls frames its positioning around the claim that cats have been underserved by a pet food industry that has historically tailored products to dog owners. Co-founder and CEO Matt Michaelson said cats are present in 25% of US households and that Smalls is committed to investing exclusively in feline products. The release cites a projected pet industry size of more than $277 billion by 2030 and identifies more than 45.3 million U.S. cat parents as its addressable market.
Cindy Cole, DVM and Technical Partner at Companion Fund, said Smalls differentiated itself through its focus on feline health and its minimally processed meal plans. The company stated that the investment reflects continued investor confidence in premium pet food. The capital will fund retail entry, a broader product range, and headcount growth of nearly 25% at a time when other companies are conducting layoffs. Smalls also said it offers employees a fully remote, four-day work week.
The release is company-issued, and its performance and market-size figures have not been independently verified.
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