Background: Lyka was founded in 2018 by a former Bain consultant who wasn't thrilled with what was inside commercial pet kibble - think cheap fillers and preservatives. So, she started cooking fresh meals for her own dog, Lyka (who's still going strong at 17). That experiment turned into a business. Fast forward to today, and Lyka now serves more than 100,000 "active" dogs across Australia.

What happened: After reaching $200 million in annual recurring revenue, Lyka has raised $67 million in a Series C round. With fresh capital, Lyka's focus has shifted to product expansion and cracking overseas markets.

What else: Despite its premium pricing, demand clearly hasn't been an issue because Lyka is riding the wave of pet humanisation, where owners treat pets like full-blown family members.

What's the key learning?

💡Pet humanisation is the growing trend of treating pets as integral family members rather than just an animal. As that emotional attachment deepens, spending shifts toward premium, personalised and health-focused products. And brands that tap into that mindset can command higher prices.

💡According to Lyka, 75% of Australians let their dogs sleep on their beds - so that tells you how emotionally invested owners are... and why they're willing to pay up.

💡And the market is growing too. The Australian pet industry is now worth $21.3 billion, with food accounting for nearly half of total spend. So Lyka sits at the intersection of a growing addressable market and strong pricing power, which has become a pretty powerful combo.