May 23, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

Owners are increasingly treating their pets as part of the family, and this shift in perception has had a profound impact on the pet food market. Pet owners now seek to provide their pets with the same level of care, attention, and even dietary preferences as they would for themselves. This has resulted in a growing scrutiny of pet food products, as customers look for products that are not only nutritious but mimic human-grade quality and are even environmentally friendly. 

Furthermore, the concept of pet food has expanded beyond the traditional dry kibble or canned products. High-quality pet foods with natural ingredients, organic options, and specialized diets have become increasingly popular, and now, the concept is even expanding to include cell cultured pet nutrition that carries no agricultural footprint. 

As these trends continue, global pet food sales in 2022 topped $123 billion, with projections by Statista that the market will reach a value of $147 billion this year. 

CULT Food Science Corp., a North American, publicly traded company pioneering the investment, development, and commercialization of cellular agricultural technologies, is responding by developing Noochies!, the world’s first freeze-dried, high-protein, and nutrient-dense cell-cultured dog and cat foods.

“Getting this product to market is a huge win for consumers, who will now have the choice to eat a high quality, nutrient-dense food without the gigantic carbon footprint,” said Joshua Errett, VP of product development, CULT.

Within days of the announcement that Noochies! is entering its pre-order phase, CULT Food Science also announced two new investors: Coloured Ties Capital Inc., which has acquired 4,023,000 common shares, and privately held BullRun Capital Inc., which has acquired 2,100,000 common shares of the company. 

Recently named to the TSX-V Top 50 selection for 2022, Coloured Ties Capital is a publicly-listed investee company with capital market access and advisory services that has also entered into a capital markets advisory service agreement with CULT Food Sciences, through which it will leverage its contacts and access to help grow CULT’s product offerings and commercialization strategy. 

Based in Vancouver, British Columbia, BullRun Capital is a privately held venture capital company that incubates and invests in early-stage companies with the goal of providing capital market advisory services to public market listings. 

“Our family has amazing unconditional love and relationships with our two dogs Willow and Cocoa Bean, and we go out of our way to get them the pet foods that are based on the best ingredients and speak to their ultimate health needs,” said Kal Malhi, CEO, BullRun Capital Inc. and Coloured Ties Capital Inc.

“We believe society as a whole now respects the amazing role pets play in our lives and invests in the health and food for these amazing companions,” continued Malhi. “CULT is an amazing fit for BullRun and TIE as they are embarking on building a pet food line of products that speak to very high quality foods for these companions. We are proud to be investors and Advisors to CULT Food Science.”

Coloured Ties Capital and BullRun Capital join existing investors  L5 Capital, the family office of Marc Lustig, and numerous international family offices that participated in CULT’s recent fundraising. 

“Having Coloured Ties Capital and BullRun Capital on board as our newest institutional investors demonstrates the growing confidence amongst sophisticated investors in the future of cellular agriculture and other advanced methods of food production,” Lejjy Gafour, CEO, CULT Food Science, told Pet Food Processing. 

“It also highlights the awareness of the importance of sustainable and ethical pet food production. With their support, we are confident that we can accelerate the development and commercialization of cell-cultured pet food and drive positive change in the food industry as a whole. We look forward to working together to create a better world for our pets and our planet.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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