Maev, the first human-grade raw dog food brand, announces $10 million in fundraising. The milestone round was led by VMG Partners with participation from BFG Partners, Willow Growth Partners, Springdale Ventures, DX Ventures, Contrary Capital, Good Friends and 1st Course Capital.
Since its 2020 founding, Maev has served over 7 million meals and has tripled its subscriber base in 2022 alone. The new funding will be used to support Maev’s impressive growth, including product expansions, veterinarian-backed research and recipe development, and more. The round will also bolster team growth and hiring across all functions of the company.
Maev lowers the barrier to entry for raw dog food with a focus on quality and convenience. A raw diet is the most nutrient-rich, least-processed option available for dogs, but has historically been challenging to adopt. Over the past five years, demand for raw dog food has tripled, yet Maev remains one of the only human-grade, unprocessed raw foods available (despite many brands selling dehydrated or highly-processed ‘raw’ options).
In line with the growth of subscription ecommerce, which is expected to increase from $72.91 billion in 2021 to $120.04 billion in 2022 (Forbes), Maev has a 95% second box retention rate—high above the industry average of just 60%.
“We’re thrilled to have the support of passionate and conscientious investors, all of whom I admire as a founder. With this capital, we’re looking forward to not only expanding our product portfolio, and thus the health and vitality of dogs across the U.S., 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,” says Founder and CEO Katie Spies.
“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. We're thrilled to be supporting Katie's vision to shape the future of canine wellness," says Carle Stenmark, general partner at VMG Partners.
"We believe in Maev's mission to improve canine health while bringing ease to pet parents' daily lives. 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," says Ben Fenton, managing partner at BFG Partners.
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