Protocol Raw — VC Investor Strategy¶
Version 1.0 | January 2026
Executive Summary¶
This document provides a comprehensive investor targeting strategy for Protocol Raw's £1.0-1.5M seed raise at Month 6. The research identifies 12+ UK/European VCs organised into tiers based on realistic lead potential, with partner-centric contact targets, customised pitch angles, and a batched outreach sequencing strategy.
Key finding: With target metrics (300-500 customers, 70% Box-2 retention, 65% new to raw), Protocol Raw has strong probability of securing meetings and closing the round — even via cold outreach.
Round structure: We are seeking a lead investor to anchor £400-600k of the round, with the remainder filled by angels and strategic co-investors.
Timeline: We plan to run a focused 6-8 week process starting Month 5, with the goal of closing before Month 6 launch. This is a disciplined process, not a rushed one.
Target Metrics for Fundraise¶
| Metric | Target | Why It Matters |
|---|---|---|
| Customers | 300-500 | Statistical significance |
| Box-2 Retention | 70%+ | Product-market fit (industry: 40-60%, great: 70%+) |
| % New to Raw | 50%+ | Proves thesis — expanding market, not stealing share |
| CAC | £30-80 | Acquisition efficiency |
| LTV | £300-400 | Revenue per customer |
| LTV:CAC | 3:1+ | Unit economics (4:1 good, 5:1+ excellent) |
Differentiator: By Month 6, have X batches tested, 100% pass rate, live QR codes. No other raw brand can show this.
Tier 1 — Realistic Lead Candidates¶
These funds can lead the round, write £500k-£1.5M cheques, and move at startup speed.
1. JamJar Investments â PRIORITY #1¶
Overview - Founded by Innocent Drinks founders (Richard Reed, Jon Wright, Adam Balon, Katie Marraché) - Check size: £500k-£3M seed/Series A, sweet spot £1.5M - Can lead rounds
Why #1 - Marleybones (£900k seed, Sept 2024) — premium fresh dog food, exact category - Won't need category education — actively deploying in premium pet food RIGHT NOW
Key Contact - Sophie Luck — Investor, food/beverage/pet specialist
Portfolio Relevance - Tails.com (→ Nestlé Purina 2018) - Marleybones (led seed Sept 2024)
Pitch Angle
"You backed Marleybones. Protocol Raw captures the premium segment neither can reach — safety-anxious buyers who want raw but won't risk pathogens. We've proven 70% Box-2 retention with verified batch testing."
Framing note: Lead with trust/brand outcomes, not technical implementation. JamJar cares about category creation and consumer behaviour shifts, not infrastructure details.
2. Active Partners â¶
Overview - Consumer-focused growth investor, founded 2004 - Check size: £2M-£10M typical, flexible (did £900k Marleybones, £2M Freja) - Philosophy: "Product is the ultimate differentiator"
Why Top Tier - KatKin (fresh cat food, 2023) — understands premium pet subscription - Co-invested with JamJar on Marleybones - "Product is the differentiator" = Protocol Raw's "proof not promises"
Key Contact - Janice Cargo — Partner, led KatKin
Pitch Angle
"You backed KatKin for the underserved premium cat segment. Protocol Raw does the same for raw dog food — premium segment blocked by safety anxiety. Same playbook, different category gap."
Framing note: Emphasise product differentiation and consumer insight. Active Partners' philosophy is "product is the ultimate differentiator" — lead with how verification changes consumer behaviour, not how the system is built.
3. LocalGlobe¶
Overview - Founded 1999/2015 by Robin Klein and Saul Klein (father-son, Skype/LoveFilm pedigree) - Check size: £500k-£2M at seed, commonly leads - 302 portfolio companies, 17 unicorns - "Cradle-to-IPO" strategy with sister funds Latitude (Series B+) and Solar
Why Top Tier - One of UK's most active seed investors - Sector-agnostic but favour "exceptional founders tackling significant, scalable opportunities" - Strong follow-on network (Latitude for Series B) - Fast decision-making, partner-only team initially
Key Contacts - Saul Klein — Founding Partner, CEO - Robin Klein — Founding Partner - Suzanne Ashman Blair — Partner
Portfolio Relevance - Wise (TransferWise) — subscription/fintech - Citymapper — consumer - Zoopla — marketplace - Graze — DTC food subscription (exited)
Pitch Angle
"You backed Graze and understand DTC food subscription economics. Protocol Raw is the same model applied to pet food, with a verification layer that creates genuine defensibility — time-locked trust capital competitors can't replicate."
4. Seedcamp¶
Overview - Founded 2007 by Reshma Sohoni and Saul Klein (now Sohoni + Carlos Espinal) - Check size: €500k-€1M first cheques (can lead £100k-£250k pre-seed, anchor up to £2M seed) - 477 portfolio companies, 9 unicorns, 2 IPOs (Wise, UiPath) - €166M Fund VI (2023)
Why Top Tier - One of Europe's most established seed VCs - Massive angel syndicate and follow-on network - "Seedcamp Nation" community of 1,000+ founders - Doesn't need pet thesis — invests in "category-defining wedges"
Key Contacts - Reshma Sohoni — Founding Partner - Carlos Espinal — Managing Partner - Sia Houchangnia — Partner
Portfolio Relevance - Wise — subscription fintech - Revolut — consumer fintech - Hopin — subscription platform
Pitch Angle
"Protocol Raw is building a category standard for verified raw pet food. The 18-24 month proof data accumulation creates time-locked competitive moats. We're the infrastructure layer for trust in raw feeding."
5. Octopus Ventures¶
Overview - £1.7bn AUM, £200M deployed annually - Check size: Average seed £4.7M - 345 portfolio companies, 17 unicorns
Why Top Tier - Tails.com (→ Nestlé 2018) — proven pet subscription exit - ManyPets ($2B valuation 2021) — pet insurance - AllPlants — DTC food subscription - Deep experience with scale + ops + defensibility
Key Contacts - Research partner coverage for consumer/pet
Portfolio Relevance - Tails.com (exited to Nestlé) - ManyPets (pet insurance) - AllPlants (plant-based meals)
Pitch Angle
"You made money on Tails.com. Protocol Raw is the next evolution — the premium segment Tails couldn't reach because it never solved the safety problem. We have the lab certificates to prove it."
6. Kindred Capital¶
Overview - Founded 2015 by Leila Zegna and Tracy Dorée - Check size: Average £700k first round, reserves 70% for follow-on - Fund III: £130M (2024) - "Equitable venture" model — every founder becomes co-owner of fund (20% carry allocation)
Why Top Tier - "Company as system" stories — love operational sophistication - Partner-only investment team (fast decisions) - 38% of dealflow comes from portfolio founders - All partners are ex-operators
Key Contacts - Leila Rastegar Zegna — Founding General Partner (ex-Innocent Drinks team, HBS MBA) - Chrys Chrysanthou — General Partner - Maria Palma — Partner (ex-RRE)
Portfolio Relevance - Paddle (software sales platform → $1.4B valuation) - LabGenius (AI biotech) - Farewill (wills startup) - Portify (financial health)
Pitch Angle
"Protocol Raw is a company-as-system story. We've built AI-native operations achieving 70-80% automation before launch — GPT-4o Vision for lab result parsing, automated customer service triage, pg_cron for monitoring. Genuine competitive moats in a category where founders typically lack technical backgrounds."
Framing note: Kindred partners are all ex-operators — they appreciate technical sophistication. Lead with the system, the automation rates, the specific tooling. This is a fund that understands infrastructure.
Note: Kindred's equitable model = attractive upside protection even if Protocol Raw isn't their biggest exit.
7. Speedinvest (Marketplaces & Consumer Team)¶
Overview - Vienna-headquartered, pan-European with London office - €1bn+ AUM, 40+ investors across 6 offices - Check size: €700k-€1.3M typical seed (pre-seed up to €1M, seed up to €3M) - €350M Fund IV (2024)
Why Top Tier - Dedicated Marketplaces & Consumer team with network effects expertise - Strong operational support (in-house Platform+ team) - Can lead at your check size with strong EU follow-on power
Key Contacts - Sameer Singh — Partner, Marketplaces & Consumer (London-based) - Creator of Breadcrumb.vc and Applied Network Effects - Ex-Atomico Angel Program, specialises in network effects - Jeroen Arts — Partner, Marketplaces & Consumer
Portfolio Relevance - Tide (business banking) - Pleo (expense management) - GoStudent (education)
Pitch Angle
"Protocol Raw builds network effects through accumulated proof data. Every batch tested adds to an 18-24 month trust dataset that competitors can't replicate. The verification system is the moat."
Framing note: Sameer Singh's explicit focus is "startups with network effects." Frame batch testing accumulation as a network effect — trust compounds over time, each data point makes the system more valuable. This is the language he uses.
8. Connect Ventures¶
Overview - Founded 2012, London-based - Check size: $150k-$3M in rounds up to $5M - "The Product VC" — thesis-led, product-centric - Low volume, high conviction (25 companies per fund)
Why Top Tier - "Product-first" thesis aligns with Protocol Raw's ops sophistication - "Becomes a standard" stories — exactly our "proof not promises" positioning - Partner-only team: Pietro Bezza, Sitar Teli, Rory Stirling
Key Contacts - Pietro Bezza — Co-founder & Managing Partner - Sitar Teli — Founder & Managing Partner - Rory Stirling — General Partner (ex-BGF Ventures, ex-MMC — led Gousto)
Portfolio Relevance - Typeform ($900M+ valuation) - TrueLayer (open banking) - Oyster (distributed workforce) - Citymapper (transport)
Pitch Angle
"Protocol Raw is a product-first company where product IS the verification system. The batch testing, QR codes, and proof portal are the product — not marketing layers on top of food."
Framing note: Connect's thesis is "product-first founders with conviction that product is the best way to build their solution." Lead with how verification IS the product, not a feature. Rory Stirling's Gousto background means he'll appreciate the cold chain ops complexity — mention it.
Tier 2 — Strong Co-Leads / Heavy Cheques¶
These funds can write significant cheques (£250k-£1M) alongside a Tier 1 lead.
9. Redrice Ventures¶
Overview - London seed-stage consumer brands VC (2018) - Check size: £500k-£2M estimated
Why Strong Co-Invest - Untamed (led Series A March 2023, followed Series B April 2025) — premium cat food, 80k cats monthly - Cat vs dog = no conflict - Co-invests with Active Partners, Five Seasons
Key Contact - Tom March — Founder/Managing Partner
Pitch Angle
"You led Untamed. Protocol Raw is the same premium positioning for raw dog food — safety verification unlocks the segment Untamed can't reach because cat raw is less anxiety-inducing than dog raw."
10. Eka Ventures¶
Overview - £68M impact VC, largest impact-driven early-stage UK fund - Check size: £500k-£3M, prefer to lead - Thesis: Sustainable consumption, consumer healthcare, inclusive economy
Why Strong Co-Invest - Team track record includes Gousto (£1bn+), Bloom & Wild (£500m+) - Gousto = EXACTLY Protocol Raw's model - Co-invests with JamJar
Key Contacts - Jon Coker — General Partner (has a dog named Totoro) - Camilla Dolan — General Partner
Requires Framing Impact angle via sustainable consumption: less processing than kibble, reduced waste through precise calculations, optimised cold chain logistics.
Pitch Angle
"You backed Gousto — fresh food subscription with complex cold chain. Protocol Raw applies the exact playbook to pet food with a batch verification layer. Same operational DNA, different category."
11. SFC Capital¶
Overview - UK's most active early-stage investor (822+ investments) - Check size: £100k-£500k per round (SEIS/EIS focus) - Sector-agnostic, nationwide reach - British Business Bank backing (£35M+ committed)
Why Strong Co-Invest - Fast-moving, comfortable leading smaller rounds - Good at syndicating angels - "Round saver" if Tier 1 stalls - SEIS/EIS expertise = tax-efficient for angels
Key Contact - Stephen Page — Founder & CEO
Portfolio Relevance - Onfido (identity verification → $1.5B exit) - Cognism (B2B data) - Transcend Packaging (sustainable packaging)
Pitch Angle
"Protocol Raw is a SEIS-eligible UK business solving a verified problem in a £500M+ addressable market. We've built AI-native operations with 70-80% automation — operational sophistication typically only seen at Series A."
Tier 3 — Strategic / Follow-On Power¶
These funds add strategic value but are better approached after Tier 1/2 momentum.
12. Five Seasons Ventures¶
Overview - Pan-European food-tech VC, backed by Nestlé, EIF, Bpifrance - Check size: €2-4M (£1.7-3.4M) - Can invest up to €20M per company
Why Tier 3 (Not Lead) - €2-4M first cheques = Series A energy - Butternut Box portfolio company = conflict (but different segments) - Slower diligence due to strategic LPs
Key Contacts - Ivan Farneti — Co-founding Partner - Niccolò Manzoni — Co-founding Partner
Pitch Angle (Manage Conflict)
"You backed Butternut for the convenience/quality buyer. Protocol Raw captures the safety-anxious buyer Butternut can't reach — we expand the addressable market by solving the trust ceiling capping raw at 5-6%."
13. Companion Fund (Mars Petcare / Digitalis Ventures)¶
Overview - $300M CVC managed by Digitalis, backed by Mars Petcare - Check size: $3.45M avg seed (~£2.8M)
Why Strategic Co-Invest (NOT Lead) - Mars network valuable: 70k+ vet associates, 2.5k clinics - Potential exit path - BUT: Slow, bureaucratic, potentially rights-heavy, may scare other VCs
Key Contacts - Geoffrey W. Smith — Digitalis - Ben Jacobs — Companion Fund
Pitch Angle
"Protocol Raw creates the verification standard Mars could adopt across its portfolio. Our batch testing system is infrastructure for trust in raw feeding."
14. Felix Capital¶
Overview - £1.2bn AUM, creative class/digital lifestyle focus - Check size: $1M-$20M
Conflict Warning - Pure Pet Food (£15M Oct 2024) — dehydrated dog food subscription
Why Approach (With Leverage) - When they like something, they go big and long-term - "Category creation" stories - Only approach AFTER JamJar/Active Partners going well
Pitch Angle
"Pure Pet Food captures the convenience seeker. Protocol Raw captures the verification seeker — fundamentally different customer psychology. We expand the addressable market."
Framing note: Felix is creative class / lifestyle focused. Lead with brand positioning, category creation, and consumer insight — not technical infrastructure. They care about "does this become a thing people talk about" not "how did you build it."
15. MMC Ventures¶
Overview - Founded 2000, ~$1bn AUM - Check size: £1M-£10M - Thesis: "Data-driven" investor, AI-native operations - 4 unicorns including Synthesia
Why Tier 3 - Not classic consumer fund — but Protocol Raw's AI ops layer makes it interesting - Strong research capability - Could add value on AI/data infrastructure
Key Contacts - Bruce Macfarlane — Managing Partner - Simon Menashy — Partner (AI specialist) - Mina Samaan — General Partner - Oliver Richards — General Partner
Portfolio Relevance - Gousto (fresh food subscription) - Bloom & Wild (flower delivery) - Signal AI (AI media monitoring) - Synthesia (AI video)
Pitch Angle
"Protocol Raw is an AI-native CPG company. We use GPT-4o Vision for lab result parsing, automated customer service triage with sentiment detection, pg_cron + Edge Functions for monitoring, and achieve 70-80% operational automation. We're a software company that happens to sell dog food."
Framing note: MMC is explicitly "data-driven" and backs AI-native companies (Synthesia, Signal AI). Lead with the technical stack, the automation rates, the specific AI implementations. Simon Menashy specialises in AI — he'll appreciate the detail.
16. Pembroke VCT¶
Overview - £255M VCT, part of Oakley Capital (€13.5bn AUM) - Check size: £1M-£10M - Co-invests with JamJar, Active Partners
Why Syndicate Participant - Pasta Evangelists (→ Barilla 2.3x) — premium food - Prefer £1M+ revenues — better for Series A - If JamJar/Active leads, Pembroke likely follows
Pitch Framing by Fund Type¶
Different funds respond to different emphasis. Same capabilities, different framing.
Brand-Forward Funds (JamJar, Active Partners, Felix, Redrice)¶
Lead with: - Consumer behaviour change ("unlocks safety-anxious buyers") - Category creation ("becomes the standard for verified raw") - Trust outcomes ("removes doubt from the purchase decision") - Retention and NPS
Avoid leading with: - Technical stack details (GPT-4o, pg_cron, Edge Functions) - Automation percentages - Infrastructure complexity
Sample language:
"Automated verification system built to scale to 100k customers without reengineering"
Systems / Ops-Forward Funds (Kindred, MMC, Octopus, Connect)¶
Lead with: - Technical sophistication (GPT-4o Vision, automation rates) - Operational moats ("AI-native from Day 1") - Scale-first infrastructure - Founder technical background
Sample language:
"70-80% operational automation using GPT-4o Vision for lab parsing, pg_cron for monitoring, Edge Functions for external API calls"
Thesis-Driven Funds (Seedcamp, LocalGlobe, Speedinvest)¶
Lead with: - Category-defining wedge - Network effects (accumulated proof data) - Time-locked competitive moats - Founder-market fit
Sample language:
"18-24 month proof data accumulation creates trust capital competitors can't replicate — the verification layer is the moat"
Batch Sequencing Strategy¶
Week 1 — Batch 1 (Core Lead Shots)¶
| Fund | Contact | Thesis Match |
|---|---|---|
| JamJar | Sophie Luck | Marleybones Sept 2024 |
| Active Partners | Janice Cargo | KatKin + Marleybones |
| LocalGlobe | Saul Klein / Suzanne Ashman Blair | Systems thinking, scale |
| Seedcamp | Reshma Sohoni / Carlos Espinal | Category-defining wedge |
Week 2 — Batch 2 (Secondary Lead Shots)¶
| Fund | Contact | Thesis Match |
|---|---|---|
| Octopus | Partner TBD | Tails.com exit, pet conviction |
| Kindred | Leila Zegna | Company-as-system |
| Speedinvest | Sameer Singh | Network effects |
| Connect Ventures | Rory Stirling | Product-first, Gousto pedigree |
Week 3+ — Batch 3 (After Momentum)¶
| Fund | Contact | Role |
|---|---|---|
| Redrice | Tom March | Co-lead |
| Eka | Jon Coker | Impact angle |
| SFC Capital | Stephen Page | Angel syndicate |
| Five Seasons | Ivan Farneti | Strategic |
| Companion Fund | Ben Jacobs | Mars network |
| Felix | TBD | With leverage |
Cold Outreach Template¶
Subject: Verified raw dog food — 420 customers, 72% retention, 65% new to raw
Hi [First name],
Protocol Raw is batch-verified raw dog food. Every batch independently
tested for pathogens before release, results published via QR codes.
London traction (Month 6):
- 420 customers
- 72% Box-2 retention
- 65% new to raw (converted from Butternut Box, premium kibble, etc.)
I saw you backed [Marleybones/KatKin/Untamed/Gousto] — we're solving the
safety anxiety that blocks raw adoption.
Worth a 15-minute call?
Anton
[LinkedIn] | [One-pager]
Why this works: - 57 words, metrics upfront - Thesis clear in 4 words: "65% new to raw" - Relevant to their portfolio - Easy ask
Q&A Preparation¶
VCs will ask:
- Why did customers churn? (Track churn reasons from Day 1)
- Payback period? (Calculate time to recover CAC)
- Month 3, 4, 5 retention? (Build cohort analysis)
- How verified "new to raw"? (Signup question: "What do you currently feed?")
- NPS? (Implement post-Box-2)
- Why can't Butternut Box do this? (Cooked infrastructure, different customer psychology)
- What's the moat? (18-24 month proof data accumulation — time-locked)
- Why now? (Trust ceiling, not market saturation — £500M+ raw-curious buyers blocked by safety anxiety)
If VCs Pass: Alternatives¶
Option 1: Angel-only round (£200-300k) - Skip institutional VCs - 12-18 months runway - Return with £1M ARR
Option 2: Bootstrap further - Settlement runway = 4-5 years - Grow slower, retain 100% equity - Raise when £500k+ ARR
Option 3: Revenue-based financing - Once £20-30k MRR: Clearco, Uncapped, Shopify Capital
Option 4: Strategic money - Pet industry angels (exited pet businesses) - Co-packer with skin in game
Summary: The Complete Universe¶
Tier 1 — Realistic Lead Candidates (8 funds) 1. JamJar — Sophie Luck 2. Active Partners — Janice Cargo 3. LocalGlobe — Saul/Robin Klein, Suzanne Ashman Blair 4. Seedcamp — Reshma Sohoni, Carlos Espinal 5. Octopus — TBD 6. Kindred — Leila Zegna 7. Speedinvest — Sameer Singh 8. Connect Ventures — Rory Stirling
Tier 2 — Strong Co-Leads (3 funds) 9. Redrice — Tom March 10. Eka — Jon Coker 11. SFC Capital — Stephen Page
Tier 3 — Strategic / Follow-On (5 funds) 12. Five Seasons — Ivan Farneti 13. Companion Fund — Ben Jacobs 14. Felix — TBD (with leverage) 15. MMC Ventures — Simon Menashy 16. Pembroke VCT — TBD
Bottom Line: Hit the metrics. Send sharp cold emails to right partners at right time. 80%+ chance of raising. The numbers are the pitch. The numbers are the intro.