NEW YORK — PetPlate announced Dec. 15 it has raised $19 million in its latest Series B funding round led by strategic growth investor Pendulum. 301 INC., the venture capital enterprise of General Mills, also contributed to the funding round. Other investors include DF Enterprises, Conversion Venture Capital (CVC2), Marco Polo, Inc., Fernbrook Capital Management and Amity Supply.
The fresh, human-grade dog food company stated it will leverage this new funding to scale its marketing initiatives, fuel product development and support expansion in retail.
"As pet parents, we spent a lot of time studying the pet food landscape and believe that the high rate of growth will be sustained by the super-premium category,” said Rish Sinha, managing director at Pendulum and member of the PetPlate board. “That led us to PetPlate as an exciting company to partner with at this critical stage. We believe this management team has figured out how to develop products that meet the needs of the modern pet parent while distributing them where consumers increasingly shop for pet food."
PetPlate offers personalized dog food products through its direct-to-consumer platform, as well as organic treats, supplements and ready-to-eat dog diets at retail. The DTC model is subscription-based, an increasingly popular trend seen among emerging pet food brands.
All products are manufactured in a US Department of Agriculture (USDA) certified facility and formulated with support from veterinary nutritionist Renee Streeter, DVM, DACVN.
PetPlate hopes to meet demand for super-premium pet food products in the United States, specifically as non-traditional formats — such as fresh dog food — gain momentum in this space. The company’s goal of offering science-based formulations is also expected to give it a leg up in the current market, as pet food sales are projected to reach an all-time high of $47.9 billion by 2025, according to market research firm Packaged Facts.
"PetPlate is uniquely positioned to respond to consumer demand for healthier pet food options that lead to better health outcomes for our pets," said Renaldo Webb, who founded PetPlate in 2016. "…Each meal is gently cooked and made with healthy ingredients for a complete and balanced diet. Dogs on a PetPlate diet experience an array of health benefits, including better digestion, weight control, more energy, and allergy relief. Everything we do at PetPlate supports our mission to provide nutrition that enables our pets to live longer, healthier, happier lives."
Additionally, PetPlate is poised to benefit from the rise of online pet product purchasing, as Packaged Facts projects e-commerce will account for 55% of all pet food sales in the United States by 2025. This includes omnichannel orders bought online and through pet specialty retailers’ digital storefronts.
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