NEW YORK, Aug. 30, 2017 /PRNewswire/ -- Ollie, the innovative direct-to-consumer premium pet food brand that uses a subscription-based model to deliver quality ingredients and a tailor-made approach to feeding your dog, is announcing that it has raised a $12.6 million Series A funding. Canaan Partners led the investment round with participation from existing investors Primary Venture Partners, Lerer Hippeau Ventures and WME Ventures, as well as new investors Rosecliff Ventures, RiverPark Funds and Correlation Ventures. This brings the company's total funding to $17 million to date with a previous round of funding of $4.4 million co-led by Primary Ventures and Lerer Hippeau Ventures, Canaan and WME.
Ollie will use the new funding to expand its product line of meals, introduce a new product category of healthy pet snacks and continue to build its infrastructure to include more distribution centers and invest further into technological advances.
Ollie is on track to deliver 2 million meals in the next 12 months. The company, which was named a 2017 CircleUp25 winner, attributes the quick growth of sales to the high-quality product and unparalleled service it provides built on the foundation of trust and complete transparency. Using a proprietary algorithm that analyzes each dog's age, size, breed, body composition, activity level and allergies, Ollie is able to curate personalized formulas so that each pet is receiving a meal plan unique to his or her specific needs.
"Transparency is as important to us as quality. We want our customers to know exactly what they're feeding their pets and we utilize technology that grants access to this full transparency and traceability," said Gabby Slome, co-founder of Ollie. "Every ingredient used in our food is sourced and tested and we trace which batches of food those specific ingredients are used in. We do this because this process ensures the utmost safety and nutrition for our pets. We're excited to build upon this standard and utilize new technologies to fortify this confidence in our customers."
Recognizing the importance of health and wellness to their discerning customer base, Ollie continues to set the standard for what and how people feed their pets. Unlike other companies in this space, Ollie works closely with canine nutritionists to develop human-grade recipes, with cooking methods that ensure the freshest and most nutrient-rich ingredients. Its subscription model makes it more convenient than ever for pet parents to give their pets nutritious, freshly made food by bringing the food right to their door, complete with instructions, nutritional information and a tailored feeding plan.
"Like many legacy business channels, the pet industry is ripe for technology-driven disruption that parallels the changes in the way that pet owning customers view their evolving lifestyles. Pet 'owners' are fast becoming pet 'parents' and prioritize their animals like they would a child," says Dan Ciporin, General Partner at Canaan Partners. "Ollie is at the forefront of serving that change, innovating the most fundamental product for pets: their food. Canaan is proud to be an investor in Ollie as it continues to grow exponentially in addressing this massive market change."
In addition to their innovative company strategy and unique brand ethos, Ollie's focal difference lies in their use of real ingredients. The company plans to introduce two new menu offerings in the next three months, providing even more options for their ever-expanding community.
Ollie is a subscription based model of customized human-grade pet food that offers tailored menu items to fit every dog's nutritional needs. All ingredients are free of any by-products and are portioned, packaged, and delivered directly to your door for your best friend. By working with a specialized veterinarian to formulate their AAFCO-compliant recipes, Ollie is able to derive each dog's exact nutritional needs based off a proprietary algorithm. The recipes are made of natural sources like sweet potato and cod liver oil, instead of heavy use of supplements, which makes it easier for the dog to absorb and get the true nutritional benefits. Through these initiatives and Ollie's carefully crafted diets, dogs can truly live their healthiest and happiest lives.
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