Maev raises $10 million in funding round
The Texas subscription-based frozen pet food company will expand its product range in e-commerce.
Maev plans to launch food for puppies within the next two months and expand its portfolio to e-commerce platforms such as Amazon, where they expect to be available later this year.
Carle Stenmark, General Partner at VMG Partners and one of the investors, said that Maev “is poised to become a household name with its unmatched customer retention and affinity.”
Since its launch in 2020, Maev has served over 7 million raw meals, vitamin supplement bars, and bone broths and tripled its subscriber base in 2022 alone.
High retention rate
According to the company, it has a 95% second-box retention rate, which is significantly higher than the 60% average of the pet food market.
In 2021, the company announced it raised $9 million in a round of funding.
Forbes predicts that the overall subscription e-commerce is expected to increase from $72.9 billion in 2021 to $120 billion in 2022.