maev Raises $9M to Revolutionize Raw Pet Food

The Growing Demand for Premium Pet Nutrition

As pet owners become increasingly conscious of their own dietary choices, a parallel focus on the nutritional needs of their animal companions is emerging. This trend, significantly amplified by the increased time spent at home with pets during the global pandemic, resulted in the pet sector exceeding $100 billion in sales during 2020.

Maev Secures Funding to Expand Raw Dog Food Offerings

Austin-based Maev, a company specializing in the development of human-grade raw dog food, is well-positioned to capture a larger segment of the raw food market. The company recently announced the successful completion of a $9 million funding round, spearheaded by Springdale Ventures. Prior funding rounds, with undisclosed amounts, were supported by VMG Partners, Bolt, and Willow Growth.

The Genesis of a Direct-to-Consumer Pet Care Brand

The concept for this direct-to-consumer pet care brand originated in 2018, conceived by CEO Katie Spies and Christine Busaba. Before founding the company, Spies established a strong technical foundation, earning three academic degrees. She initially worked as a product development manager at a startup, but ultimately sought a more fulfilling career path.

Her experience as a dog walker during this period revealed a clear need for improved options within the dog food industry.

From Initial Challenges to Product Diversification

Although officially established in 2019, Busaba and Spies did not introduce their inaugural product, the raw dog food, until 2020. The onset of the pandemic initially presented obstacles to Maev’s launch. The company, then comprised of just four employees, was compelled to adjust its launch strategies and postpone its funding round.

However, these challenges were ultimately overcome, leading to the addition of supplemental vitamin bars and bone broth toppers to their expanding product line.

Scientifically Formulated and Conveniently Packaged

The company’s food products were developed in collaboration with a team of veterinary nutritionists and subjected to clinical trials to ensure they address potential nutritional deficiencies, promoting optimal canine health. The frozen food is crafted using genuine meats, vegetables, and fruits.

Unlike competing brands requiring thawing, Maev’s products are conveniently ready-to-serve directly from the freezer, as highlighted by Spies.

A Vision for the Future of Pet Care

“We began with a limited selection of three products, but our ambition is to redefine the landscape of pet care,” Spies stated. “The pet food aisle has historically lacked significant innovation. While excellent products exist, pet owners have often accepted that healthier options come with increased inconvenience. Our goal is to deliver products that are both easy to use and beneficial for your dog.”

Subscription Model and Rapid Growth

Maev utilizes a subscription-based sales model, with the average cost per meal being approximately $2. Over the past year, the company has acquired around 2,000 customers and expanded its team to 16 employees, with an additional 11 positions currently open.

During this period, both revenue and customer base have experienced substantial growth, accompanied by investments in the supply chain and ongoing innovation.

Accelerated Expansion Plans

With the newly acquired capital, Spies intends to accelerate the company’s growth, aiming to increase its current 20% month-over-month growth rate to 25%. The company plans to adopt an omnichannel sales strategy within the next year, with a strong emphasis on customer retention.

Currently, 92% of customers continue their subscriptions after receiving their first box, a retention rate that Spies notes is significantly higher than the industry average of 60%.

Investment in Infrastructure and Product Development

The new capital will be allocated to relocating the company’s headquarters to Austin, enhancing brand awareness, and expanding the marketing and supply chain teams. Responding to customer demand, a chicken-based product is currently in development and is expected to be available within three months.

Spies anticipates that this new offering will surpass the sales of their existing beef product.

A Large and Expanding Market

With a population of 95 million dogs in the United States, Spies emphasizes the considerable potential for growth. The fresh pet food market currently comprises 112 companies, with new entrants continually reshaping the industry. Maev is among the latest to secure venture funding, joining Alpha Paw and Jinx in recent funding announcements.

Incumbent Players Also Innovating

Established pet food companies are also entering the healthier food segment. Freshpet launched its Spring & Sprout vegetarian dog food in September, and Hill’s Pet Nutrition partnered with Bond Pet Foods last month to develop meat proteins through fermentation for use in pet food applications.

The Importance of Informed Pet Ownership

“The evolution of the market has been fascinating to observe,” Spies commented. “Today, a growing number of dog owners are becoming educated about the drawbacks of conventional kibble and are questioning the ingredients in their dogs’ food. However, when considering all the decisions you make regarding your dog, this is arguably the most crucial one for their overall health and longevity.”

Investor Confidence in Maev’s Vision

This dedication to detail and commitment to pet well-being have attracted significant investor interest. “We are highly selective in the brands we add to the VMG portfolio, making our investments deliberate and strategic,” stated Carle Stenmark, partner at VMG Partners.

“We were immediately impressed by Maev’s highly engaged and vocal customer base, and we strongly believe in Katie’s potential as a world-class founder who is setting a new standard for the next generation of pet care.”

A Promising Future for Maev

“Innovation in our sector extends beyond simply introducing new products or packaging; it involves understanding the consumer’s lifestyle and finding ways to exceed their expectations and enhance their daily routines, including the well-being of their beloved pets,” added Dan Graham, co-founder and general partner of Springdale Ventures.

“Beyond being a fantastic product at the forefront of the better-for-you pet food movement, Katie’s passion and unwavering commitment to improving the lives of pets and their owners make this an exciting journey for us, particularly as our first investment in the pet space, with more to follow.”