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Plant-based pet food brand PawCo Foods raised a $2 million seed, CEO Mahsa Vazin tells Axios exclusively.

Why it matters: PawCo alt-meat food provides an alternative to traditional dog food offerings.

Zoom in: The round was led by Elevate Ventures, and joined by Dropbox co-founder Arash Ferdowsi.

The San Francisco-based company won Elevate Ventures' inaugural IN-Prize pitch contest last year.

What's next: New funding will help PawCo, which has a plant in California, open a second production facility in Indiana. 

The DTC company plans to launch products this year and eventually get into retail.

PawCo aims to start raising a Series A in the next nine to 12 months, Vazin says.

By the numbers: The company's annual recurring revenue increased to $1 million from launch of its first product in September 2022 until the end of 2023, Vazin says.

How it works: PawCo says it uses AI-based technology to develop nutritious and palatable plant-based meat.

Dubbed Green Meat, PawCo's product is similar to the alt-meats offered at Impossible Foods, where Vazin previously served as a scientist. 

The company also offers plant-based snacks and treat supplements, because traditional dog foods are often linked to gastrointestinal issues and allergies.

The big picture: The most common food allergies reported in both dogs and cats are chicken, beef, dairy and egg, according to the Clinical Nutrition Team at Tufts University.

Exclusive: PawCo raises $2M for plant-based dog food

The plant-based dog food maker says it provides a healthier alternative to dogs with food allergies.

Illustration of a bowl of pet food with a knife and fork on either side

Venture capital funding

Plant-based pet food brand PawCo Foods raised a $2 million seed, CEO Mahsa Vazin tells Axios exclusively.Why it matters: PawCo alt-meat food provides an alternative to traditional dog food offerings.

Exclusive: PawCo raises $2M for plant-based dog food

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