Pet Food Startup Pawprints Raises IDR 27 Billion in Funding Led by Creative Gorilla Capital
This funding was also supported by Altrui (family office of Japfa Comfeed) and Tujuh Bersaudara Investindo (family office of Tigaraksa Satria)
D2C startup pet food manufacturer Pawprints (Pawprints Inspired Pte Ltd) announced funding of $1,7 million (around IDR 27 billion) led by Creative Gorilla Capital (CGC). Altrui (family office from Japfa Comfeed), Seven Brothers Investindo (family office from Tigaraksa Satria), and a number of individual investors participated in this round.
Not only financial support from investors, Pawprints will collaborate with CGC in the field of strategy branding and marketing. As well as, taking advantage of Japfa's strengths in manufacturing and Tigaraksa in distribution. In order to support business development, Pawprints has acquired similar players from Japan to expand its portfolio.
CGC Managing Partner Benz Budiman said that this investment is a strategic step to bring high quality products from Indonesia to the global stage, through innovation that focuses on animal welfare and pet humanizaction.
"We are ready to play a role in Pawprints' exponential growth and lead it to become a leader in the Indonesian market and open up opportunities in the world market," he said in an official statement, Thursday (16/11).
Pawprints also adds to the CGC portfolio which is supported by Future Creative Network (FCN) and Vynn Capital. FCN has experience helping FMCG companies and local to global consumer goods companies launch their marketing activities. So far, CGC has invested in a number of startups, namely Offmeat, concise, Kynd, and Allura.
This VC focuses on supporting digital and product-based B2C & D2C businesses with early stage funding. This sector is considered to continue to develop in line with population growth and per capita income.
Previously, East Ventures also injected initial funding into startups in the same field, namely Companion. The startup, founded by Stephani Herman (CEO), Tania Suganda (CMO), and Valerie Amintohir (CPO), debuted by releasing frozen food products for dogs under the brand "Pawmeals".
Pawprints pet food products
Pet Care in Asia Pacific research conducted by Euromonitor states that the concept of humanization of pets is now increasingly influencing the shopping patterns of Indonesian consumers. Rising incomes and changing demographics have also changed the perspective of pet owners from simply owning to caring for pets, which are now considered part of the family. This is fueling demand for products that support pet welfare.
Supported by a report published by Growth Market Reports, it estimates sustainable growth for the pet food market in Indonesia at $2.09 billion (around IDR 32 trillion) in 2022. It is estimated to exceed $4.73 billion (around IDR 74 trillion) in 2031, with CAGR growth of 9,5% over the projection period 2023 - 2031. This data shows a huge opportunity for Pawprints Inspired in providing healthier and better quality pet food.
The startup, founded in June 2023, focuses on creating nutritious and biologically appropriate pet food for better animal welfare. The products are formulated to AAFCO standards to ensure pets receive ideal nutrition to support digestive tract health and overall well-being.
One of the products released is Black Soldier Fly, relying on the power of insect protein superfoods, contains high-quality, hypoallergenic proteins, amino acids and minerals essential for the health of cats and dogs.
Pawprints Founder and CEO Jacqueline Sulistyo said that apart from promoting premium quality pet food with international production standards, the company is committed to the concept of sustainability. This is reflected in the use of recycled packaging and collaboration with local recycling facilities.
"As holding group", Pawprints Inspired will continue to develop new products and business fields that support pet digestion and immunity," added Jacqueline.
It is claimed that the product has succeeded in recording sales growth of more than 4,6 times every month and expanding its network in 11 big cities, so that it can be found in more than 500 offline stores in Indonesia. The company also utilizes online sales channels, such as Tokopedia and Shopee, for its marketing. In February 2024, the company will release a new product, Insect-Based Dog Food.