Carulla Family Takes Majority Stake In Dog Food Startup Dogfy
By the end of 2022, the food group, owner of Agrolimen and GB Foods (Gallina Blanca), held almost 19% of the company’s shares, which reported a revenue of 30 million euros in 2023.
The acquisition of Delicium Petfood, under which Dogfy operates, was authorized by CNMC on January 31st in its first phase, considering the market share of the buyer. It is not specified whether the acquisition was for 100% or just a majority of the shares.
Inveramen, the Carulla family’s holding company, had already been a shareholder following several funding rounds in recent years and became the industrial partner the company relied on. Specifically, by the end of 2022, it held 18.9% of the shares, with the founders holding the majority. In the previous year, the company undertook a new capital increase of 5 million euros.
In 2022, the Spanish company reported a turnover of 9 million euros, with losses of 1.9 million, although it stated in November that total sales amounted to 11 million. These figures do not consolidate, suggesting the remainder might be attributed to foreign subsidiaries. Dogfy’s business model revolves around a subscription service for fresh dog food. According to the latest company data, 2023 ended with a global turnover of 30 million euros.
Spanish venture capital firm Axon Partners entered the company in 2022 through a secondary share acquisition, investing 3 million euros for a 7.9% stake, becoming the second financial shareholder after the Carulla family.
The Catalan family, owners of Agrolimen (Affinity Petcare, its animal feed division) and GB Foods (Gallina Blanca, Avecrem, or Yatekomo), has a history of investing in startups and technology companies. In 2020, it launched Agrolimen Ventures to support companies. And in 2018, it divested from Promofarma, selling it for over 40 million euros to the Swiss pharmaceutical group Zur Rose.
