Pet Food Pioneer Pawprints Group Raises Capital From Asia Fund X
The capital injection and new alliances will allow the firm to enhance its capacity for innovation and expand its team of veterinary and nutritional experts.
Earlier today, Singapore-based Pawprints Group, a pioneer in biologically ideal and allergy-friendly pet nutrition in Asia Pacific, announced a seed extension funding round of an undisclosed amount led by Asia Fund X (AFX), an opportunity fund supported by MSW Ventures and anchored by Pavilion Capital.
Pawprints’ latest investors join the company alongside existing backers Creative Gorilla Capital and Altrui Investments.
This strategic financing round, which follows a US$1.7 million seed round in November 2023, represents a significant milestone for Pawprints as it comes off strong performance in successive quarters. The capital injection and newly formed strategic alliances will substantially bolster the company's innovation capabilities and operational capacities through measured bench-building and onboarding of veterinary and nutritional experts.
Pawprints Group, the parent company behind the Pawprints and Heka brands, emphasizes sustainability by incorporating Black Soldier Fly (BSF) protein in its pet food. This method significantly reduces environmental impacts; insect protein farming emits 97% fewer greenhouse gases than traditional meat sourcing and processing in pet foods. By blending holistic nutrition with contemporary innovation, Pawprints Group can specifically target pets with allergies and dietary sensitivities with this superfood insect protein.
Jacqueline Sulistyo, Founder of Pawprints Group, said, "Our mission is to redefine pet nutrition. From my years of experience as a pet owner and my background in luxury hospitality and marketing, I've always understood the importance of quality and detail. Especially when trying to find the right food for my picky cat, Leo.”
"Becoming a pet parent can happen quickly, but the responsibilities that follow can be as demanding as those of raising a child—sometimes even more so. This realization kickstarted my mission to build Pawprints, aiming to equip fellow 'pawrents' with the guidance and resources they need for all things pet food. Although founding a pet food company in Asia is a challenging endeavor, I firmly believe it is the right one."
She added, “The journey with finding nutritional and tasty food for Leo also led me to discover insect-based proteins' nutritional and environmental benefits. I wanted to provide superior, sustainable options for all pets, especially the picky and sensitive ones. Our vision is not just to feed pets, but to ensure they thrive on the most innovative, environmentally sustainable, and allergy-friendly diets available."
Following the launch of its signature Pawprints brand in June 2023, the group more than doubled its monthly revenue and sold over 120 tons of pet food, demonstrating strong demand and broad market fit for sustainable and health-focused pet nutrition. It has completed over 35,000 orders and is available in over 700 offline outlets. The company also boasts a high customer retention rate, with over 33% of its monthly revenue in Japan generated from loyal subscribers.
Pawprints Group works with internationally certified veterinary nutritionists to formulate its products, ensuring superior safety and quality in pet nutrition. Its pet food exceeds the nutritional standards and labeling guidelines set by the Association of American Feed Control Officials (AAFCO), guaranteeing that each product is tailored to meet the specific dietary needs of pets according to their breed, age, and lifestyle.
A recent step taken towards this goal was the launch of an Omega Oil supplement made of 100% BSF protein. The unique and innovative supplement for dogs and cats showed significant improvements in skin and fur quality, with noticeable results as early as 14 days after starting usage.
With a robust presence in high-growth markets, Pawprints Group is uniquely positioned to capitalize on Asia’s expanding pet care industry, now valued at US$47 billion and growing at a CAGR of 11%. The company plans to penetrate this burgeoning consumer segment by introducing more than ten new product SKUs by the end of 2024.
Jacqueline said, "We are dedicated to continuing our journey of innovation and excellence in pet nutrition. With the support of our investors and our commitment to sustainable practices, we look forward to enhancing symbiotic and deeply intertwined lives of pets and pet owners around the world."
Jeffrey Seah, General Partner at MSW Ventures, added, "Pet ownership has transcended its traditional role in Asia, becoming a significant emotional and psychological support fixture within modern families. This change is driving increased discretionary spending on specialized pet services and high-quality pet nutrition. The shift from bulk pet food purchases to tailored nutritional solutions opens substantial market opportunities for Pawprints’ multi-brand, multi-market approach. We are confident that Jackie and her team will guide this expansion across the region, and Pawprints will leave an indelible mark in the pet nutrition industry.”
ABOUT PAWPRINTS GROUP
Pawprints Group is at the forefront of pet nutrition, offering biologically ideal and allergy-friendly foods from alternative proteins and natural ingredients. The company envisions a future where every pet benefits from innovative, high-quality nutrition that promotes health and environmental sustainability. Its mission is to redefine pet nutrition through its unique brands, Pawprints and Heka, which deliver superior, distinctive solutions that enhance pet health and vitality.
ABOUT MSW VENTURES
MSW Ventures supports Asia Fund X (AFX), a successor to Asia Fund II (AFII), in its search for exceptional growth models and founders with the X factor within the transformative digital economy of Southeast Asia. The firm values bold, mainstream-oriented, and mature-minded founders whose startups exhibit sustainable growth, quality revenue, and validated market-priced product-market fit. Jeffrey Seah serves as General Partner at MSW Ventures. Throughout his career at multinational corporations WPP and Publicis Groupe, Jeffrey has advised global and regional C-suites on developing coordinated commercial go-to-market strategies across various geographies.
