AUSTIN, TEXAS — Human-grade raw dog food brand Maev closed its recent funding round, raising $10 million in investments. The company plans to use the funding to support its continued growth, including product expansions, R&D and more.
The funding round was led by VMG Partners and received participation from BFG Partners, Willow Growth Partners, Springdale Ventures, DX Ventures, Contrary Capital, Good Friends and 1st Course Capital.
“We’re thrilled to have the support of passionate and conscientious investors, all of whom I admire as a founder,” said Katie Spies, founder and chief executive officer of Maev. “With this capital, we’re looking forward to not only expanding our product portfolio, and thus the health and vitality of dogs across the United States, but also investing in our growing team. We’re most thankful for our loyal community of dog owners; if it weren’t for the care and love they show their pups, none of this exciting growth would be possible for Maev.”
Since its launch in 2020, Maev has witnessed significant growth, tripling its subscriptions in 2022. Maev will use the recent investment to expand its vet-backed research and recipe development and bolster its team by hiring additional employees throughout all its operations.
“We believe in Maev's mission to improve canine health while bringing ease to pet parents' daily lives,” said Ben Fenton, managing partner at BFG Partners. “Maev's exceptional growth, outperformance of competitors and founder Katie Spies' thoughtful and passionate leadership are just some elements that demonstrate continued positive impact and disruption in the pet industry.”
According to Forbes, subscription-based e-commerce shopping is expected to increase from $72.9 billion in 2021 to $120.4 billion in 2022. Subscription-based shopping in the pet and pet food industries has also grown, as evidenced by Maev increasing success. According to the company, it has a 95% second-box retention rate, which is significantly higher than the 60% average.
“Maev is poised to become a household name with its unmatched customer retention and affinity, its remarkable innovation, and the pet market's need for a convenient, quality raw food,” said Carle Stenmark, general partner at VMG Partners. “We're thrilled to be supporting Katie's vision to shape the future of canine wellness.”
Maev’s current dog food products include Raw Food, Daily Vitamin Bars and Bone Broth Topper.
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