As consumers think more about what they put in their bodies, they are also considering what to feed their pets. Driven by the global pandemic and the fact that everyone keeps pets at home, the industry's sales will exceed 100 billion U.S. dollars in 2020.

Austin-based Maev develops human-grade raw dog food and is ready to get a share of the pie. It today announced that it has raised $9 million in a round of financing led by Springdale Ventures. The company previously raised an undisclosed round backed by VMG Partners, Bolt and Willow Growth.

The idea of ​​a direct-to-consumer pet care brand was proposed in 2018 by CEO Katie Spies and Christine Busaba. Before founding the company, Spies started her career as an engineer, earning three degrees. She worked as a product development manager for a start-up company, but eventually gave up this position to find a different career. It was during that time that she became a dog walker and realized what was needed in the dog food field.

Katie Spies, founder and CEO of Maev. Image source: Maev 

Katie Spies, founder and CEO of Maev. Image source: Maev 

Although they formally established the company in 2019, Busaba and Spies did not launch their first product-raw dog food until 2020. The epidemic initially affected Maev's ability to start. She said that the company had four employees and had to change its release plan and even postpone its financing round. It finally worked, and today, it has added vitamin supplement bars and bone broth toppings to its product pipeline.

These foods were developed in conjunction with a team of veterinary nutritionists and have been clinically tested to address the nutritional gap in healthier dogs. Spies said that frozen foods are made with real meat, vegetables and fruits. Unlike competing brands that must be defrosted, Maev's products can be eaten directly outside the refrigerator.

"We started with three products, but we are building the future of pet care," she added. "There is very little innovation in this grocery store. There are some great products, but pet parents have accepted healthier products which means more difficult to use. Our goal is to make products simpler and more suitable for your dog."

Maev sells its food as a subscription product at an average cost of about $2 per meal. In the past year, the company has gained approximately 2,000 customers, has 16 employees and 11 open positions. During this period, the company has been increasing revenue and customer base, investing in the supply chain and consolidating its innovation.

Now with new capital, Spies plans to "step on the gas pedal" and push its 20% month-on-month growth to 25%. Next year, the company will sell its products in an omni-channel manner, with a focus on retaining customers. Spies explained that it is not common in other pet food brands, and the industry average of 60% statistics shows that 92% of customers have been seen to stay after their first box.

She hopes to invest new capital in the relocation of headquarters to Austin, brand awareness and recruitment in marketing and supply chain. One of the company's biggest customer requirements is chicken products, and it plans to launch a product within three months. Spies expects that the sales of this product will exceed its current beef products.

There are 95 million dogs in the United States. Spies pointed out that the company has plenty of room for development. She said that 112 new entrants from fresh pet food companies have shaken the market in the past few years. Maev is one of the latest funds to attract venture capital support and has announced new salary increases along with Alpha Paw and Jinx in the past two months.

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At the same time, established pet food companies are also making their mark in the healthier food sector: Freshpet launched Spring & Sprout vegetarian dog food in September, and Hill's Pet Nutrition announced a partnership with Bond Pet Foods last month through fermentation. Production of meat protein applications for pet food.

"It is really interesting to observe the development of the market," Spies said. “Today, it’s great that more dog owners have been educated about some of the problems of standard kibbles and are skeptical of what they feed their dogs. However, when you summarize all the decisions you have made with your dog This is the most important decision for health and longevity."

The attention to detail and the care of pets attracted many investors from Maev to join.

Carle Stenmark, partner of VMG Partners, said: “We are very special and regulated when we consider the brand to be included in the VMG product portfolio, making our investment scarce, but investing in companies that are equipped to become iconic brands. Strategically significant." Statement. "We were immediately attracted by Maev's incredible engagement and voice of customer base, and our collaboration with Katie, we believe that Katie is a world-class founder who sets the standard for the next generation of pet care."

"Innovation in our field does not just mean new products in different formats or packaging; on the contrary, it focuses on the lives of consumers, looking for ways to exceed their expectations and improve their daily lives, including their relatives and furry friends. "Added Dan Graham, co-founder and general partner of Springdale Ventures. "In addition to being an excellent product at the forefront of the better pet food movement, Katie’s passion and determination to change the lives of pets and their owners is a very happy journey for us, especially as our first investment in the pet sector. More investment."

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