Petcare – a growing and dynamic market worth $200bn, with a rapidly growing number of emerging ventures and brands across diverse range of services, nutrition, therapeutics and analytics. Start-up funding in pet care hit $500 million in 2019, growing 79% year on year with early stage Venture Capitalists the most active, but competitors to Nestle had taken note, and taken action.
A mandate to deliver new growth to the Purina business by building new digital and diagnostic capabilities, and differentiated business models across the Find, Feed and Care consumer journey. An uphill battle against an ever increasing competitive landscape and active VC community, with more resources and more attractive offers to the start-up community. Nestle Purina needed to design a new approach for connecting and collaborating with high potential ventures. Venturebright were asked to design the strategy and business case for the creation of the Nestle Purina Open Innovation team and the Nestle Purina Pet Care Accelerator.
Working together with a cross-functional team representing R&D, Manufacturing, Brands and Pet communities we created a blue print for the Pet Care division that would enable them to build a funnel of investable opportunities in a de-risked way.
5 ventures were selected in early January 2020 to form the first cohort to move into the Purina Accelerator program.