Sydney-based fresh dog food provider Lyka has obtained $67 million in Series C financing to broaden its offerings and enter fresh territories. The equity deal was headed by New York-based venture capital firm LGVP, alongside StepStone Group, Shearwater Capital, and prior backers.
Founded in 2018, Lyka produces fresh dog food using real ingredients, formulated by board-certified veterinary nutritionists. They deliver products directly to consumers via a subscription model. By the end of 2025, the company reported over $200 million in annual recurring revenue, serving more than 100,000 dogs and delivering over 100 million meals since its inception.
Anna Podolsky, Lyka’s Founder and CEO, stated the funding will support scaling operations, introducing new products, and expanding into new regions.
Lyka was co-founded by Podolsky, a former Bain & Company management consultant, and Dr. Matthew Muir, an integrative veterinarian. The company was inspired by Podolsky’s experience with her dog, Lyka, whose health issues led her to seek alternatives to commercial pet food.
The company 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.
In December 2023, Lyka opened a $40 million manufacturing facility and distribution center in Dandenong South, Victoria. This site includes automated production lines and has created over 100 local jobs, sourcing ingredients from Victorian suppliers.
Investors highlighted Lyka’s operational model and brand strength as key factors in the funding round. Itai Tsiddon, Partner at LGVP, noted that few consumer businesses match Lyka’s execution discipline while building brand strength and customer loyalty.
Zac Zavos, Co-founder and Managing Partner at Shearwater Capital, praised Lyka’s first-principles approach, direct-to-consumer model, and recurring-revenue strategy.
