The venture arm of General Mills is making its first outside investment in pet food and chose a startup that sends fresh-cooked meals directly to the homes of dog owners.
301 Inc., charged with finding the latest and greatest in food trends on behalf of General Mills, believes many pet owners are willing to pay a premium for a subscription meal-delivery service for their furry friends.
301 Inc. and DFE Capital Management are coleading a $9-million Series A funding round for Pet Plate, General Mills announced Monday.
General Mills made a giant leap back into the pet food market two years ago by acquiring Blue Buffalo Pet Products for $8 billion. While Blue Buffalo is considered a higher-end dry dog food brand, a startup like Pet Plate captures a tier of pet parents willing to pay even more.
New York-based Pet Plate appeared on ABC-TV’s “Shark Tank” several years ago, but the company was denied a deal. Instead, founder Renaldo Webb grew the business himself using the publicity received from his appearance on the show.