US-based pet food and care product supplier Mars Petcare launched a $100m corporate venture capital fund yesterday as part of an open innovation initiative called Kinship.
Mars owns a variety of pet food brands including Cesar, Iams, Sheba and Whiskas in addition to dog tracker developer Whistle and a range of animal hospitals. Kinship is intended to combine external investment with research and partnerships with other businesses.
Companion Fund will invest in developers of technologies and services that would benefit pet owners and pet care professionals in addition to the animals themselves. It is being managed by Digitalis, a VC firm that already has pet-focused companies MollyBox and PetMedix in its portfolio.
Kinship will also oversee Leap Venture Studio, a pet care-focused startup accelerator formed in partnership with the non-profit Michelson Found Animals Foundation that operates under the Kinship umbrella, and a pitch event for entrepreneurs known as The Pet Project.
Leap admits two classes of six startups per year, each of which receive up to $200,000 of funding through the scheme, and its first batch graduated in October 2018.
In addition to investments, Kinship will operate a data and analytics hub that will involve it working with partners to uncover patterns of animal behaviour and unmet need that could improve Mars’ business.
Kinship president Leonid Sudakov said: “We want Kinship to become a unique platform for collaboration, where founders, innovators and industry partners will connect to share their ambitions, access best talent and expertise, and engage on unlocking the most exciting opportunities for the future of pet care.”
