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Thu 5 Dec 2019 08:41 AM

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KBW Ventures-backed Bond Pet Foods completes $1.2m funding round

Bond Pet Foods uses a similar fermentation technology used to produce cheese ingredients and insulin for diabetics to harvest high-quality meat proteins such as chicken, turkey or fish - but without the animal.

KBW Ventures-backed Bond Pet Foods completes $1.2m funding round

Rich Kelleman, co-founder, & CEO, Pernilla Audibert, PhD, co-founder & CTO and Luis Brandao, Senior Research Scientist, Bond Pet Foods. 

Boulder-based Bond Pet Foods, a company working with biotechnology to make animal-free and protein-rich pet food, has announced that it has completed a $1.2 million funding round.

The seed round – which was led by Lever VC – also included Agronomics, Plug and Play Ventures and Andante Asset Management and KBW Ventures, whose CEO and founder is Prince Khaled bin Alwaleed bin Talal.

Bond Pet Foods uses a similar fermentation technology used to produce cheese ingredients and insulin for diabetics to harvest high-quality meat proteins such as chicken, turkey or fish – but without the animal.  

Using a proprietary approach, animal muscle protein genes are taken from a farm animal and added to a microbe such as yeast, and then are put into a fermentation tank and fed simple sugars, vitamins and minerals.

This, in turn, produces proteins that are nutritionally identical to meat products. The ingredients are then used as the foundation for Bond’s pet food recipes.

“What makes us so excited about Bond Pet Foods is that it’s the first clean-meat company producing meat protein in a way that doesn’t require major technological breakthroughs to get to price parity with conventional meat,” said Lever VC founder and managing partner Nick Cooney.

Cooney added that “we don’t think there’s any other company out there with the potential to disrupt the $100 billion pet food market as much as Bond Pet Foods”.

Prince Khaled said, “KBW Ventures joined Bond’s seed round because we see that their proprietary approach to production has far reaching implications. The technology and science behind Bond products is in line with our values; we want to back ventures that are commercially-promising and that seek sustainable solutions.”

In a statement, the company said that the round of funding will help with the R&D needed to develop and scale Bond’s animal protein production and debut its first consumer product – a dog treat bar made with pure yeast protein – early in 2020.

Additionally, Bond said that it will help “elevate” the use of similar ingredients in pet food and help raise public awareness.

“This raise gives us the capital to make strides with our technology and introduce pet parents to a net and better way of feeding their dogs and cats,” said Rich Kelleman, co-founder and CEO of Bond Pet Foods.

“We stated Bond to deliver high nutrition to our pets without harm to other animals or to our planet, and we’re excited to bring our transformative products to the world in the months ahead,” he added.

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