Highlights
- Renaldo Webb introduces PetPlate, a subscription service for fresh, human-grade dog food.
- He sought $100,000 for 10% equity on the show.
- PetPlate grew significantly, raising $47 million total and becoming a leader in the fresh pet food market.
Overview
| Category | Details |
|---|---|
| Name | PetPlate |
| Founder | Renaldo Webb |
| Industry | Pet Food |
| Product | Fresh, human-grade dog food delivered on a subscription basis |
| Funding | $100,000 for 10% equity |
| Investment Ask | $100,000 |
| Equity Offered | 10% |
| Valuation | Approximately $1 million (based on investment ask) |
Renaldo Webb wants a Shark to partner with him on PetPlate, his freshly made dog food, in Shark Tank episode 807. Crunchbase says it’s the “Blue Apron of dog food!” Renaldo used to work in a pet food factory as a supply chain consultant. He didn’t like the ingredients he saw going into dog food and he thought he shouldn’t feed his dog anything that wasn’t fit for human consumption, so he started Pet Plate in June, 2015.
Working from a commercial kitchen in Brooklyn, New York, Mr. Webb makes fresh dog food in small batches, then delivers it to consumers. Delivery is free in New York City. PetPlate serves up seven different dog meals, which are packaged according to your dog’s weight. The varieties are: Turkey, Beef, or Lamb with Brown Rice; Turkey, Beef, or Lamb with vegetables; and Fish and Potatoes.
A one month supply costs anywhere from $150-$400, depending on the size of your dog. Renaldo likely needs a Shark’s help getting into pet stores and growing his brand nationally. Will a Shark like this dog food?
PetPlate Shark Tank Recap
Renaldo comes in with his dog Winston asking for $100,000 for 10 percent of his business. As he heats up some of his pet food while Winston patiently waits, he explains that humans can eat the food, too. When he passes out samples for the Sharks to taste, they hesitate, but Mark takes a big bite and says “it’s delicious.” PetPlate sells on a subscription basis with 1, 3, 6 and 12 month options. The 3 month option is the most popular.
The Sharks ask about the pricing model, which is based on the dog’s weight. He explains he only has about 100 customers, so the Sharks immediately question his valuation. Robert in particular doesn’t like the company’s delivery model – within a 300 mile radius of New York City. Kevin thinks the logistics of the business could hamper growth since Renaldo needs production centers around the USA. Renaldo says he can make 300-400 pounds of dog food at a time, so that mitigates those concerns.
Did PetPlate Get A Deal?
As the questions mount, it’s clear the Sharks like Renaldo. He doesn’t want to make a brand out of Pet Plate because he’ll need to use preservatives; he wants to keep making fresh food. Lori likes his commitment, but not the business; she’s out. Even when Renaldo explains he’ll be a half million dollar company with just 500 customers, Robert goes out. Chris Sacca LOVES Renaldo, but the business competes with his Uber delivery business, so he’s reluctantly out. Mark likes Renaldo, but can’t commit to a 24/7 concern like this business, so he’s out. Kevin cites the growing pains he’s had with Plated and doesn’t want to go on the same journey again; he’s out.
PetPlate Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Since appearing, Renaldo continued to grow his business. He went from barely 100 customers in the New York City area to shipping several hundred boxes of fresh dog food all over the country. To help fuel his growth, Renaldo raised $4 million in venture capital in the spring of 2018 and an undisclosed second round of funding in the summer of 2018.
PetPlate, while they didn’t get a deal, gets an update in episode 1010. In the update segment, Renaldo says he took the Sharks’ advice to heart. Just two years later, he’s not shipping 300-400 meals a month in the New York metropolitan area, he’s shipping 3000-4000 meals a month nationwide.
In February, 2020, Pet Plate raised $9 million to fuel rapid growth. One of the investors was the venture capital arm of General Mills. Pet Plate partnered with Paramount Pictures to release Paw Patrol: The Movie – themed packaging. In December, 2021, he raised another $19 million to help get the products into retail. As of May, 2023, the company continues to grow and has made over 10 million meals! Annual revenue is over $9 million at this time. By April, 2024, the company has raised a total of $47 million and sold over 18 million meals. It is the number one company in the fresh pet food category.
Posts About PetPlate on Shark Tank Blog
PetPlate Company Information
Video
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