Swedish food tech company that offers insect-based dog food, Petgood (formerly known as FUNCiFUR) has raised SEK 19 million ($2.1 million) from existing investors Humble Co. founder Noel Abdayem, Jan Carl Adelswärd and Joakim Hartzell via investment company Civitus, and food tech investor and advisor Daniel Skaven Ruben. Also participating in the round were angel investors and Course Corrected, a new green VC fund.
The investment will be used to grow the startup’s business through international expansion, especially in Australia, strengthening the team and for continued product development with dog and climate health in focus.
Founded in 2020 by Pernilla Westergren, the platform is on a mission to reduce the environmental footprint of pet food, which today constitutes about 25-30% of the environmental impacts from animal meat production. Insects provide a high-quality, hypoallergenic source of protein that is free from antibiotics and growth hormones.
Pernilla Westergren, CEO and founder of Petgood said, “We have made thousands of customers realise that the industry needs more sustainability and transparency and made them want to switch to insect-based dog food. We now have the opportunity to continue to take the dog food revolution out into the world.”
The platform already sells to customers in several European countries. The insects used in the product are black soldier flies, sourced from one of the world’s leading insect farms, Protix, in the Netherlands.