Meet the Pet Food Entrepreneur Who Just Raised $ 19 Million
In 2010, Renaldo Webb graduated with a bachelor’s degree in physics from MIT and knew that as difficult as it was to earn the coveted degree, this was not what he was going to do.
“I quickly realized that I wasn’t going to solve string theory and that I wanted to do something different with my life,” says Webb.
He has held a number of positions, including that of analyst for McKinsey in Los Angeles and senior partner at a private equity firm in New York. However, it was in 2015 that he finally decided to work in a field that has always fascinated him: the pet industry. As a dog owner, Webb founded PetPlate, a freshly made pet food company that announced earlier this month that it had raised $ 19 million in a round. Series B fundraiser led by Pendulum.
Webb came up with the idea for the business when he worked with pet food companies as a consultant and was able to realize that low-quality ingredients in pet food were the main issue. underlying reason for many health problems in animals, especially obesity.
“I wanted to provide a better quality product where you can trust the ingredients and it was customized to where it meets your dog’s needs,” said Webb.
How PetPlate works is to deliver personalized meal plans directly to pet owners. When a potential client joins, they fill in information about the dog such as breed, allergies, activity levels, or body condition, so the algorithm takes the data points into account. He then recommends specific meals for users along with portioning instructions to make sure they aren’t overfeeding or underfeeding their dog.
PetPlate’s food is produced in a Dallas-based kitchen and delivered either right to customers’ doors or to our retail partners.
“We are a human grade pet food company, which means all of the ingredients we use are cooked, processed and delivered in accordance with human food safety guidelines,” said Webb. “All of our ingredients you can find at a local grocery store, we’ve formulated them for dogs with the help of our veterinary nutritionists.”
A subscription-based business, PetPlate generates nearly 95% of its revenue through subscription, although it is starting to build a brick and mortar business.
Although the cost depends on the size of the dog and similar parameters, Webb says it costs customers an average of $ 100 per month. The company’s year-over-year growth numbers are around 100%, and since launching in 2017, the company has delivered 50 million meals to pet owners across the United States. .
Webb, who is the CPO of PetPlate, joined Shark Tank in 2016 with his idea for PetPlate (asked for $ 100,000 in exchange for 10%, but got no investor from there) partnered with its CEO current Gertrude Allen, who had been an early investor in PetPlate.
The New York-based company currently employs 25 people and, prior to the $ 19 million Series B, it had raised $ 9 million from Series A in $ 2020 and $ 4 million startup in 2018.