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December 20, 2021

D2C business PetPlate adds to funding pot as General Mills returns as investor

PetPlate raised $9m last year in a Series A, with General Mills' 301 Inc. and DFE Capital Management taking part.

PetPlate, a direct-to-consumer dog-food firm, has added to its funding pot with returning investment from US food major General Mills and DFE Capital Management.

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New York-based PetPlate has raised US$19m in a Series B round with General Mills participating through its venture-capital arm 301 Inc. and DFE via its own investment unit DF Enterprises. The business, founded in 2016 by Renaldo Webb, counted the two investors as contributors to its $9m in Series A financing last year.

US investment firm Pendulum led the Series B cash injection, with local venture-capital firms Marco Polo and Fernbrook Capital Management also taking part again as returning investors.

PetPlate sells ready-to-eat dog meals via its D2C platform, along with treats and supplements for canines. The products, which contain no rendered meat or artificial ingredients, are developed by veterinary nutritionist Dr. Renee Streeter.

The funds will be used for marketing expenses, new product development and retail expansion.

Webb said: “PetPlate is uniquely positioned to respond to consumer demand for healthier pet food options that lead to better health outcomes for our pets. Dogs on a PetPlate diet experience an array of health benefits, including better digestion, weight control, more energy, and allergy relief.”

Other participants in the Series B included Conversion Venture Capital and start-up investor Amity Supply, both in New York.

Rish Sinha, the managing director of Pendulum and a PetPlate board member added: “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.”

General Mills, which owns the Blue Buffalo pet-food business, has invested in a variety of food firms via 301 Inc.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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