Pet food brand Drools has successfully raised $60 million in its first funding round, with L Catterton leading the investment. The funding round has valued Drools at $600 million, signifying the company’s potential and attractiveness to investors.
The primary objective of this funding is to bolster Drools’ manufacturing capabilities, ensuring the production of high-quality pet food products. Additionally, it will aid in expediting the company’s retail plan. With the newly acquired funds, Drools aims to expand its manufacturing capacity, introduce new products, and venture into untapped markets.
At present, Drools has a presence in more than 22 countries. However, the company has set an ambitious target to expand its reach to 50 countries in the coming years. Furthermore, Drools plans to launch premium and super-premium products to cater to diverse customer demands.
The pet food market in India is experiencing remarkable growth and is anticipated to reach $10 billion by 2025. Given Drools’ strong brand and product portfolio, the company is well-positioned to capitalize on this expanding market.
Notably, the funding round witnessed the participation of existing investors, such as Omnivore Partners, Fireside Ventures, and Sixth Sense Ventures, which further demonstrates their confidence in Drools’ potential.
Drools has reached a major funding milestone in its first round, showcasing its strong business model and growth potential. The funding will aid Drools in various aspects, such as increasing its manufacturing capacity, introducing fresh products, and venturing into new markets.
The company is well-placed to take advantage of the rapidly growing pet food market in India.With this funding success, Drools will have the essential resources to expand its operations and seize the promising opportunities within the pet food industry.
