Lyka x Primary Case Study

Primary x Lyka Case Study with Gabriel Guedes

“If you’re going to have risk or friction in an investing process, the tendency is not to invest. Primary makes it easy and predictable – and when you’re talking about ~5% on a series round, that opportunity cost adds up to be a lot.”

Purpose, Phase, Presence + Philosophy

Purpose: To redefine pet nutrition and wellbeing by providing vet-formulated fresh food made from real ingredients for healthier pups.

Phase: Raised $55m in Series B between 2022-2023, and raised $67m Series C in March 2026, led by existing investors and long term believers to help support growth in their core business and new verticals.

Philosophy: Use macro understanding and a broad perspective to know what to look for but base your decisions off the micro data.

Presence: Operations across Australia with planned geographical expansion.

Lyka’s Primary Problems

Opportunity cost of uninvested idle cash

Following Lyka’s Series B, the company found itself holding significant idle cash with no clear path to put it to work.

Accessing competitive rates was difficult and establishing the structures needed to invest in the US was a resource intensive process.

Management of multiple banking relationships

Lyka managed multiple banking relationships, but siloed account visibility created operational bottlenecks and delayed time-sensitive financial decisions.

Multiple currency management

Lyka operates across multiple jurisdictions with a global supplier base, creating constant circulation of both AUD and USD.

Frequent FX transfers between the two currencies carry real bottom-line risk which compounded by a lack of visibility into rates and timing. |

What does Primary unlock?

Competitive investment rates: Primary enabled better yield optimisation across Lyka's Series B and now Series C funding - a material advantage when deploying substantial capital, with additional access to US-based investment capabilities.
Reduced operational friction: By consolidating banking relationships into a single platform, Lyka eliminated the overhead of managing multiple accounts, freeing the team to focus on higher-value financial decisions.
Full cash visibility across multiple currencies: A unified view of funds gave Lyka greater confidence in cash deployment, stronger oversight of liquidity, and a more proactive approach to FX management.