Foodbridge invests in Petgood – the pet food of the future

FoodBridge - Axel Johnson’s platform for investments in early foodtech start-ups - is now making its first investment. The company is called Petgood and focuses on dog food made from insect protein.

FoodBridge was launched in spring 2022 with the aim of promoting collaboration and innovation across the entire value chain to accelerate sustainable change in our food system. An important part of FoodBrigde, in addition to partnerships and collaborations, is early investments in ideas and companies with the potential to create positive change.

FoodBridge invests in companies at a significantly earlier stage than Axel Johnson’s investment arm Novax, which also invests in food of the future. Petgood is an example of an early-stage company, which is in the start-up phase but at the same time has high ambitions to change its market to become more sustainable.

Fanny Nachemson, Head of FoodBridge, says:
“I am excited that we are finally announcing our first investment. Petgood is an exciting company that, just like us, wants to contribute to increased sustainability in our food system. Insects are both a sustainable and nutrient-dense source of protein, and I am completely convinced that we will see more insect-based alternatives in the future.”

Petgood was founded in 2020 by Pernilla Westergren. From the start, the goal has been to revolutionize the pet food business through insect protein with the health of pets and the planet in focus. Petgood’s products are sold both through retailers and directly to consumers.

Pernilla Westergren, CEO and Founder of Petgood, says:
“I am grateful that we are getting another strong partner in Foodbridge and Axel Johnson, who will contribute valuable experience from the food industry. We want all dogs and cats to benefit from insect-based pet food. It’s like meat, but better for both the climate and animals.”

About Axel Johnson’s food business:

Axfood is a leading grocery retail group in Sweden and consists of a family of distinctive food concepts that work together, including Willys, Hemköp, Dagab and Urban Deli, among others. www.axfood.se

Martin & Servera is Sweden’s leading restaurant and commercial kitchen specialist, delivering beverages, fresh produce, food, equipment and services to restaurants, cafes, shops, bars and caterers on a daily basis. www.martinservera.se

Novax is an active and long-term partner that invests in small and medium-sized growth companies. Future Food is one of Novax’ investment areas, and has so far invested in the British Ulrick & Short, ProLupin and the Swedish Gårdsfisk, among others.www.novax.se