Press release: Maev
The future of dog care is here and gaining major momentum with the latest announcement from Maev — the first human-grade raw dog food brand — on its recently secured round of funding, totaling $9MM and paving the way for future innovation and expansion within the $100 billion pet care market. Prior rounds were led by VMG Partners and Bolt, with the latest led by Springdale Ventures, all of which are bolstering Maev’s stewardship of the emerging raw food category, which has tripled in sales over the last five years.
The latest investment is shared following previous, unannounced funding rounds that came on the heels of Maev’s 2020 launch and helped accelerate the development of Maev’s product lines — raw-food meals, supplemental vitamin bars and bone broth — all of which were formulated alongside a team of veterinary nutritionists who provided guidance through clinical testing on final formulas to ensure high-efficacy and a nutritionally balanced diet regime.
Maev has since established itself as the premier direct-to-consumer pet care brand to offer human-grade, raw food products that address the nutritional gaps of dogs, while providing resources and support that makes life easier and more enjoyable for their owners.
“As someone whose dog had become just as meaningful as a family member and just as much of a self-expression as the brands I wear or places I spend time, I knew we had a significant opportunity with Maev — a responsibility to not only deliver products that were proven to enhance the lives of dogs, but to also give their owners the same sense of pride and certainty they’d get from something they love buying for themselves, just in a category that had yet to offer such a thing,” said Katie Spies, CEO and founder of Maev. “Since day one, we’ve known Maev could be the brand to take an age-old category and flip it on its head, shifting the conversation from ‘what has been’ to ‘what could be done better’ in the realm of quality, form and function; our investment partners have joined us in what is now a commitment to doing so, and we couldn’t be more excited for what’s to come because of it.”
Investors VMG Partners, Springdale Ventures, Willow Growth, and Bolt spearheaded the respective rounds of funding, each bringing its unique experience, expertise and resources to Maev, and helping to fuel its mission of fulfilling the modern-day dog owners’ desires in the experiences they have and choices they make when caring for themselves and, in turn, their pets.
VMG Partners, an entrepreneur-first private equity firm with strong roots and experience in consumer goods, made its earliest-stage investment to date, with Maev, due in part to its fast-growing community of loyal brand evangelists and recent growth trends taking place amongst Maev’s key audience, Millennial and Gen Z, who have a much higher propensity to shop online for pet products than their Gen X and Boomer counterparts.
“We are highly particular and prescriptive in considering brands to bring into the VMG portfolio, making our investments sparse, yet strategic in those companies that have what it takes to become iconic brands,” said Carle Stenmark, partner at VMG Partners. “We were immediately drawn to Maev by its incredibly engaged and vocal customer base, as well as our alignment with Katie, who we believe is a world-class founder setting the standard for the next-generation of pet care.”
Over the last year, Maev has sustained 20 percent month-over-month growth, with a best in class first-box retention of 92 percent, as compared to the industry average of 60 percent. This is due in large part to engineering a first-of-it’s-kind raw-food diet that dogs love to eat, just as much as their humans love the convenience of ready to serve food.
With its most-recent funding round led by neighboring Austin-based Springdale Ventures, a national leader in emerging and innovative consumer brands, Maev has plans to grow and further establish its local, Austin team — across creative, brand marketing, supply chain and engineering — and innovate its offerings to build upon existing product lines and into new formats and usage occasions.
“Innovation in our space doesn’t just mean new products in different formats or packaging; instead, it’s looking at the consumer’s life and finding ways to exceed their expectations and enhance their daily routines, which includes their loved ones and furry friends,” said Dan Graham, co-founder and general partner of Springdale Ventures. “Outside of being a fantastic product at the leading edge of the better-for-you pet food movement, Katie’s passion and determination for changing the lives of pets and their owners is a journey on which we’re excited to be, especially as our first investment into the pet space, with more to come.”