Walsall healthy pet food brand receives £250,000 funding boost through MEIF
A Walsall based pet food brand has received a £250,000 funding package to support the creation of new job roles and develop its marketing strategy.
Devoted Pet Foods (“DPF”) has received the funding from Maven Capital Partners (“Maven”) through the MEIF Maven Debt Finance fund, part of the Midlands Engine Investment Fund (“MEIF”), backed by the Recovery Loan Scheme (“RLS”).
The business, founded in 2012, offers a healthier alternative to other well-known pet food brands and supplies products across the UK and internationally.
The company offers more than 30 food and treat products for cats and dogs, with its unique selling point being that its products have a high meat content and contain no grain or cereals, compared with other low-cost pet foods that limit the nutritional value for pets and increase the risk of digestive issues.
The funding boost will support the creation of a marketing strategy to help the company reach a wider audience, build its brand presence, and attract more customers. It will also support the business in hiring new staff to facilitate its growth and expand its capabilities.
Chris Rogers, Investment Manager for Maven, said: “With pet-owners becoming increasingly conscious of the health and nutrition of their pets, Devoted Pet Foods is extremely well positioned to continue its growth by providing market-leading products that satisfy demand.”
Tom Kibble, Founder of Devoted Pet Foods, added: “Given that there are now over 10% more dogs and cats within the UK prior to Covid, we sought investment from Maven to capitalise on the booming sector within pet food, which is premium foods and treats. This investment will allow us to expand our range and staff. Maven understood our business and shared our vision for expansion.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “The MEIF continues to support Midlands-based businesses, with nearly 800 investments made since its creation in 2017. This funding is a great example of how MEIF can be used to support the growth of companies such as Devoted Pet Foods.”
The Midlands Engine Investment Fund is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2022 and the European Investment Bank.