This article was originally published by Pet Industry News on 25 March 2026. Read the original here: https://petnews.com.au/lyka-raises-67-million-to-fund-innovation-and-expansion/
Sydney-based fresh dog food company Lyka has secured $67m in Series C funding, as it looks to expand its product range and move into new geographies.
The all-equity round was led by New York-based venture capital firm LGVP, with participation from StepStone Group, Shearwater Capital and other existing investors.
Founded in 2018, Lyka produces fresh dog food using real ingredients, formulated by board-certified veterinary nutritionists and delivered directly to consumers via a subscription model. The company said it finished 2025 with more than $200 million in annual recurring revenue, serving over 100,000 active dogs and delivering more than 100 million meals since inception.
Anna Podolsky, Founder and CEO of Lyka, said the funding will be used to scale, innovate, and expand.
“The funding will be used to scale our 100 per cent onshore operations, introduce new products, and expand into new geographies. The continued support of our partners will help us to tackle a huge global opportunity.”
Lyka was founded by Podolsky, a former management consultant at Bain & Company, and integrative veterinarian Dr Matthew Muir. The business was inspired by Podolsky’s own experience with her dog, Lyka, whose health issues prompted her to explore alternatives to commercial pet food.
The company now employs about 400 staff and operates nationally, with headquarters in Sydney and manufacturing facilities in New South Wales and Victoria. It is also a certified B Corp.
A $40m manufacturing facility and national distribution centre in Dandenong South, Victoria, opened in December 2023. The site includes automated production lines and has created more than 100 local manufacturing jobs, with ingredients sourced from Victorian suppliers.
Investors pointed to Lyka’s operational model and brand strength as key drivers of the raise. Itai Tsiddon, Partner at LGVP, said very few consumer businesses match Lyka’s level of execution discipline while also building brand strength and customer loyalty.
“The combination of operational rigour and a brand that is redefining its category, led by deeply mission-driven leadership, gives us strong conviction in the durability of the business as it enters its next phase of growth.”
Zac Zavos, Co-founder and Managing Partner at Shearwater Capital, said that from day one, Lyka has been built to endure.
“The team has consistently taken a first-principles approach to everything they do – going direct to consumers, owning production, and building a true recurring-revenue model well ahead of the market. While the metrics are best-in-class, what really stands out is the strength of the Lyka brand. That brand is becoming a defining presence in the Australian dog community and will ultimately be the foundation for Lyka’s future growth.”
