General Mills Acquires Fera Pets, Inc., Introduces Growth Fund
General Mills has acquired Fera Pets, Inc., a vet-founded pet supplement company. This represents General Mills’ first step into the pet supplement category and first acquisition by its newly launched growth equity fund.
As the pet food trend toward humanization continues, pet parents are increasingly demanding healthful products they can trust. Fera Pets is reimagining pet supplement products by providing vet-created, science-backed supplements to support pet wellness with high-quality ingredients, accurate dosages and a combination of Eastern and Western medicine.
“The pet wellbeing category is on the rise, as more families look to take care of their pets the same way they take care of their own health,” said John Parrish, Vice President, Disruptive Growth, General Mills. “We’re excited to welcome Fera Pets to its new home and look forward to partnering to scale the brand and bring more high-quality pet supplement products to more pets.”
Fera Pets will become part of General Mills’ new growth equity fund, designed to own, scale and incubate strategically aligned businesses for future integration into the company’s core portfolio. This growth fund is the third pillar of Gold Medal Ventures, General Mills’ disruptive innovation ecosystem, joining G-Works, its internal venture studio and 301 INC, its corporate venture capital arm.
“We are thrilled to join the General Mills family and embark on a new chapter of growth for our business,” said Dr. Michelle Dulake, Veterinarian and Co-Founder of Fera Pets “Fera Pets was created after recognizing a lack of transparency in the pet supplement category and a gap in the market for a holistic approach to our pets’ wellbeing. With the support of General Mills’ scaling capabilities, we are looking forward to furthering our mission to create better lives for pets and their families.”
General Mills’ scale will unlock new opportunities for its growth fund portfolio companies by leveraging the company’s brand building excellence, omnichannel expertise and advantaged capabilities. These brands will remain founder-led and independently operated while being provided access to talent and expertise designed to fuel their growth.
“In the venture capital arm, we are constantly scouting for passionate, relentless founders where General Mills has a distinct ability to accelerate their growth,” said Johnny Tran, managing director, 301 INC, which sources opportunities for the growth equity fund. “Cofounders Michelle and Emily put their hearts and souls into Fera Pets, and their passion makes them a perfect first partner for the growth fund.”
Gold Medal Ventures is focused on macro-opportunity areas in the food value chain that are ripe for disruption. 301 INC’s recent investments include precision pollination startup, BeeHero, direct-to-consumer cat food brand, Smalls and dog location and activity monitor brand, PitPat. G-Works test-and-learn launches include blood sugar friendly snack brand, Good Measure and lower net carb pasta brand, Carbe Diem.