Funding Supports Open Farm's Mission to Deliver Premium, Ethically Sourced Nutrition to More Pets and Will Help Drive Continued Brand Expansion
TORONTO, Jan. 12, 2021 /CNW/ - Open Farm, a premium pet food brand committed to raising the bar on the way we feed our pets, has raised $80MM+ CAD ($65MM+ USD) in its latest round of funding, led by leading global growth equity firm General Atlantic. This marks General Atlantic's first investment in the pet industry, and they join the company's leadership team and existing minority partner, Encore Consumer Capital, on Open Farm's long-term growth journey. 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 exceptional nutrition that also aligns with their values," said Isaac Langleben, Co-Founder and CEO of Open Farm. "We go to great lengths to create amazing foods, using the world's best, 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 customizable to every pet and pet parent's needs. With annualized 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 recognized 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," said 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," added 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 neighbourhood pet stores across the U.S. 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.
About Open Farm
Open Farm is a Toronto-based pet food company on a mission to Do Some Good® for pets, farm animals and the planet. Every Open Farm recipe is designed to deliver exceptional nutrition, and is committed to raising the bar on the way we feed our pets with even stricter standards than what we eat ourselves. Open Farm delivers on its nutritional promise across seven different product categories with an unmatched approach to ingredient transparency. Since 2014, Open Farm has extended its presence to over 5,500 neighbourhood pet stores across North America and at OpenFarmPet.com. Join our mission at OpenFarmPet.com or on Instagram and Facebook.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
SOURCE Open Farm Pet Food