PetPlate, a leader in the burgeoning human-grade, fresh-cooked pet food market, announces that it closed $19 million dollars in Series B funding. The round was led by Pendulum, with follow-on investment from existing investors DF Enterprises and 301 INC. Other investors include Conversion Venture Capital (CVC2), plus existing investors Marco Polo, Fernbrook Capital Management and Amity Supply. The new funding will be used to scale marketing, product development and retail expansion.
Founded in 2016 by Renaldo Webb, PetPlate sells ready-to-eat meals and organic treats and supplements for dogs through an online subscription service and the independent pet retail channel. When purchased on the company's website, a meal plan is customized to support a dog's individual health needs and the food is shipped directly to the pet parent's door on a recurring basis. All products are made in a USDA facility and are developed by Webb in collaboration with veterinary nutritionist Dr. Renee Streeter, DVM, DACVN.
"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. That led us to PetPlate as an exciting company to partner with at this critical stage," said Rish Sinha, PetPlate board member and managing director at Pendulum. "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."
According to Packaged Facts, U.S. retail sales of pet food will reach $37.1 billion in 2021, up 6.4% over 2020. Sales are projected to reach $47.9 billion in 2025, equating to a robust 6.6% compound annual growth rate. By 2025, it is estimated that e-commerce will account for 55% of total U.S. pet food sales, including purchases initiated online through the digital storefronts of brick-and-mortar retailers. The demand for super-premium pet food is likely to invigorate the industry for years to come, spurred by natural formulations and science-based foods and the advance of non-traditional forms, most significantly fresh (refrigerated/frozen).
"PetPlate is uniquely positioned to respond to consumer demand for healthier pet food options that lead to better health outcomes for our pets," said Webb. "Unlike traditional kibble, PetPlate products do not contain rendered meats, by-products or artificial ingredients that can make a dog sick. 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."
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