UK-based alt protein pet food startup Omni has appeared on business pitching TV show Dragons’ Den, achieving what is claimed to be the highest ever pet food valuation seen on the programme.
Founders Dr. Guy Sandelowsky and Shiv Sivakumar secured a £75,000 investment from Steven Bartlett and Deborah Meaden in exchange for 2.5% equity. The Dragons were impressed by Omni’s significant growth since its launch in 2021; so far, the company has served over five million plant-based meals to pets in the UK alone, with over 400% sales growth.
“You are really impressive. Of course it ticks a lot of my boxes.” – Deborah Meaden
Omni faced challenges about some of its numbers from Dragons Peter Jones and Tokar Sulyman. In response, Sivakumar explained that while the business spends £40 to acquire a customer, that customer will have a £400 lifetime value over a two-year period.
“I’m interested in lifetime value, because I think that’s really important,” said Meaden. She also recalled reading an article about Omni’s development of cultivated pet food, and expressed enthusiasm about the concept.
“Pretty faultless”
Sandelowsky and Sivakumar brought a labrador into the Den, who enthusiastically ate Omni’s plant-based pet food on camera. “Is that dog inhaling or eating that food?” Meaden remarked.
After receiving investment offers, the founders negotiated Meaden and Bartlett down from 3% to 2.5% equity for the joint investment.
“I think you’ve been pretty faultless so far, in terms of how you’re approaching a new market,” said Meaden. “You have to educate people, you need money to do that. But you’re in there early. You’ve got an open space. You are really impressive. Of course it ticks a lot of my boxes.”
“Despite some tough moments, we felt incredibly supported by the Dragons in the whole experience, and are beyond excited to see what happens next for Omni with Deborah and Steven’s involvement,” said Dr. Sandelowsky.
The Dragons’ Den episode can now be viewed on BBC iPlayer.
