GA leads USD65m investment round in Open Farm
Open Farm, a premium pet food brand committed to raising the bar on the way we feed our pets, has raised USD65 million in its latest round of funding, led by leading global growth equity firm General Atlantic (GA).
This marks GA's first investment in the pet industry. The company joins the existing leadership team and existing minority partner, Encore Consumer Capital. The funding will be used to accelerate Open Farm’s mission to Do Some Good for animals and the planet, introduce the brand to millions of new pet parents, and support continued innovation to transform the way pets are fed through high-quality nutrition.
“Today’s pet parent is looking for strong nutrition that also aligns with their values,” says Isaac Langleben, Co-Founder and CEO of Open Farm. “We go to great lengths to create amazing foods, using ethically sourced ingredients, and take pride that every ingredient, in every bag of Open Farm, can be traced back to the source. We are so excited to partner with the team at General Atlantic as we continue to push our mission forward and establish Open Farm as the global leader in the premium pet food space.”
Since 2014, Open Farm has worked to make premium quality pet food offerings accessible and customisable to every pet and pet parent’s needs. With annualised growth exceeding 100 per cent over the last five years, Open Farm can now be found in over 5,500 neighbourhood pet retailers across North America, as well as online at OpenFarmPet.com. Open Farm started out with three products and is now recognised as a category-leader in product innovation, with a full suite of premium offerings ranging from dry dog food to fresh meals and supplements.
Throughout this growth trajectory, Open Farm has stayed true to its values, partnering with international recycling leader TerraCycle to offer a national pet food bag recycling program, and becoming the first pet food brand in North America to offer reusable packaging on the Loop platform. Additionally, Open Farm works with ethical sourcing partners Certified Humane®, Global Animal Partnership, and Ocean Wise Seafood to not only provide better quality ingredients to pets, but to ensure that the brand is sourcing ingredients in a way that respects farm animals and the planet.
“Mission-driven brands are a key focus for General Atlantic, and we are thrilled to partner with the Open Farm team, a group of passionate entrepreneurs who have built an authentic brand on the global and growing interest in better pet food options,” says Andrew Ferrer, Managing Director at General Atlantic. “Open Farm is well-positioned to deliver on the modern food values of its customers with its diverse portfolio of ethically and sustainably sourced premium products.”
“Open Farm is a highly differentiated brand and a leader within the growing pet food sector,” adds Ben Sherman, Vice President at General Atlantic. “We are excited to support the team as they look to drive consumer awareness, enhance retailer support, and continue to deliver new product innovation and transparency around the world.”
Open Farm’s nutrient-dense recipes for dogs and cats include Dry Food, Freeze Dried Raw, Gently Cooked Fresh Meals, Rustic Stews and Blends, Treats, and Supplements such as Bone Broth and Kefir. Open Farm is available in neighborhood pet stores across the US and Canada and online at OpenFarmPet.com.
Open Farm was advised by Cascadia Capital LLC and Goodmans LLP. General Atlantic was advised by McCarthy Tétrault LLP.