Julia Rivera//June 16, 2021//
Julia Rivera //June 16, 2021//
Press Release: Diggs
Diggs Inc. (Diggs), an industry leader in premium pet products, announced today that it closed a $13 million Series A investment round led by venn growth partners (venn) with backing by U.S.-based Strand Equity (Strand). With its award-winning Revol Dog Crate, Diggs has reimagined a stagnant category and elevated both safety and design expectations within the pet industry. This is the first capital raise for Diggs and the funding will be allocated towards developing new products, diversifying marketing channels, recruiting talent for new positions across all business functions and creating a first-of-its-kind product design and development facility in Long Island City.
A McKinsey & Company veteran, Zel Crampton founded Diggs after experiencing personal frustration with poorly made pet products after adopting his dog in 2016. Every toy, crate and accessory he found lacked the quality, thoughtfulness and ingenuity Zel knew his dog deserved. With an engineering degree, and years of research and development, Zel set out to elevate safety standards, innovation and design in the pet industry. Under Zel’s leadership, Diggs has emerged as one of the fastest-growing brands in the pet space, achieving 400 percent growth in 2020 as a result of a growing community of safety-conscious pet parents and increased pet adoption during the pandemic. The increase of Americans’ spending on their pets, coupled with an emerging affinity for modern product design in the category, has propelled Diggs to the forefront of an industry ripe for innovation.
“Despite many offers, we’ve consciously held off on accepting capital funding up until this point because it was important to me to align with the right investors that mirror our ethos and truly understand the mission behind the Diggs brand,” said Zel. “venn felt like the perfect fit for our team since our first meeting, and with them as a partner, the future for Diggs has never been brighter. I am grateful that Chris and the entire venn team are offering their valuable time, energy, and resources to further integrate with, and optimize, our business.”
“I have had the pleasure of working with Zel many times over the years and am continually impressed by the business he has created and the strong team he has built,” said Chris Reynolds, founder and managing partner of venn. “Diggs is doing something that no other pet brand is doing — they are solving the real problems pet parents face with industry-leading product design and education. The venn team, alongside our exceptional partners at Strand Equity, are proud to support Diggs on its mission to revolutionize the pet product industry and are excited to continue to innovate in this category, together. Our investment in Diggs is in line with our strategy to partner with Distinctive Founder CEOs that are delivering industry leading outcomes for customers.”
Diggs, launched in 2016, is on a mission to improve the safety, happiness and health of pets through thoughtful product design and innovation. Best known for its Revol Dog Crate, Diggs engineers its growing product assortment for pets of all sizes, taking cues from baby product standards and interior design trends. Aiming to support both pets and their parents, Diggs’ products combine premium materials, intuitive features, and thoughtful designs.
venn growth partners (venn) is a growth equity fund that partners with distinctive consumer, health care services, and education companies in North America with exceptional Founder CEOs and a relentless focus on delivering industry-leading outcomes for customers. Venn operates with a core belief that a team of talented people from unique backgrounds, with shared values and the right incentives, will deliver differentiated outcomes. venn has built its team around this core belief and carefully selected each team member to deliver a partnership that will help Founder CEOs and their teams achieve profitable growth at maximum pace. venn has successfully financed and supported brands such as Higher Ground Education, Diggs Inc., California Cowboy, and Rebelstork.
Strand Equity is a Los Angeles-based growth equity firm investing in the next generation of iconic consumer brands and services. Strand is led by a team of experienced and successful investors and entrepreneurs. With a permanent capital base, Strand maintains a flexible approach to structure and partnership, enabling dynamic entrepreneurs and management teams to accelerate growth and build durable businesses. Current and realized investments include Oatly, Youth To The People, Studio McGee, Real Good Foods, Bai Brands, Sweaty Betty, HUM Nutrition and Vita Coco, among others.