US-based pet health and nutrition product supplier Mars Petcare launched a $100m corporate venturing vehicle called Companion Fund in partnership with venture capital firm Digitalis Ventures on Friday.
Companion Fund will be managed by Digitalis and will make investments in early and growth-stage companies operating in the digital health, diagnostics, nutrition and pet services sectors.
Mars Petcare, a subsidiary of packaged food producer Mars Group, owns pet food brands including Whiskas, Pedigree, Iams and Sheba, and animal health-focused services including canine genetic testing service Wisdom Health and Whistle, the dog fitness tracker developer it acquired in 2016.
The fund’s partners are Leonid Sudakov, global president of connected solutions for Mars Petcare, Ben Jacobs, the corporate’s head of ventures, and Digitalis partner John Kenny.
Sudakov said: “Our ambition is to become a partner of choice for everyone willing to change the rules of the game in pet care. Mars Petcare is leveraging our own success stories, Whistle and Wisdom Health, to identify and support the next wave of industry disruptors.
“Mars Petcare’s unique global scale and network of connected businesses will support the founders in taking their ideas from whiteboard to pets and their owners’ homes.”
The fund is being established alongside an accelerator called Leap Venture Studio, which Mars will run together with marketing agency R/GA and charitable foundation Michelson Found Animals.
Areas that will be targeted by the accelerator include pet nutrition and wellness products as well as pet health, medical and diagnostics technology, genetics products and artificial intelligence, machine learning and analytics technology.
Leap will be situated at RGA’s Portland, Oregon office, and from July this year will host 12 startups divided into two batches of six. Participants will benefit from expertise and advice, and will be eligible for investment from Mars or Michelson.