At the end of 2022, the food group, which owns Agrolimen and GB Foods (Gallina Blanca), held almost 19% of the company’s shares, which reported a profit of 30 million euros in 2023.
The acquisition of Delicium Petfood, in which Dogfy operates, was approved by the CNMC on January 31st in its first phase, which takes into account consumer market share. It was not specified whether the acquisition was for 100% or only a majority of the shares.
Inveramen, the holding company of the Carulla family, became a shareholder following several funding rounds in recent years and became the industrial partner the company relied on. Specifically, at the end of 2022, it will hold 18.9% of the shares, with the founders holding the majority. Last year, the company carried out 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 was stated in November that total sales reached 11 million. These figures are not aggregated, suggesting that the remainder can 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.
The Spanish venture capital firm Axon Partners entered the company in 2022 through a second 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), have 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 more than 40 million euros to the Swiss pharmaceutical group Zur Rose.
