Mail-order subscription boxes are a notoriously tough business, but one under-the-radar brand just blew past the $1 billion mark in annualized revenue.
The Farmer’s Dog, a company making personalized, fresh dog food, is taking home over $10 million in monthly profits after years of running at a loss, according to a person familiar with the business. It is one of the most successful direct-to-consumer companies currently operating.
As of February 2024, its annualized net revenue stood at $1.2 billion, according to the person.
Despite its product’s premium price point, The Farmer’s Dog has amassed a huge customer base by capitalizing on Americans’ devotion to their pets. Its business now rivals legacy pet food retailers: FreshPet, its closest public market comp, recorded $975.2 million in net sales in 2024.
While DTC companies like Allbirds and Warby Parker have seen their stock prices plunge and their margins slashed by expensive digital ad costs, The Farmer’s Dog’s business has skyrocketed.
“The market size for fresh [pet] food is larger than I could have ever imagined,” said Jason Fiedler, managing partner at consumer-focused Left Lane Capital. He’s an angel investor in The Farmer’s Dog and led Left Lane’s investment in Smalls, a startup producing human-grade cat food.
The Farmer’s Dog, which did not respond to PitchBook’s requests for comment, has kept its financial performance pretty quiet. But its revenue and growth trajectory would make it a strong contender for a public listing, investors say. Its last publicly disclosed financing was a $65 million round in 2021 at a $1.46 billion valuation, according to PitchBook data.
Startups in the pet industry have surged over the past decade, driven by a rise in pet ownership and increased spending. Smalls, the DTC cat food equivalent, has raised over $40 million from Left Lane Capital, Mars, Founder Collective and others.
In 2024, U.S. households spent an estimated $150 billion on their pets, according to the American Pet Products Association, a trade association for the pet products industry. Chewy, a leading online retailer of traditional kibble, wet food and pet supplies, recorded over $8 billion in net sales in the first three quarters of 2024.
The cost of Farmer’s Dog food can range from under $3 to over $10 per day, depending on the dog’s weight, age and other factors. That’s a significant premium over the $2 per pound for typical kibble.
Part of The Farmer’s Dog’s pitch to consumers is the claim that its human-grade food (that is, food fit for human consumption) is healthier for pets. In 2023, it partnered with Cornell’s College of Veterinary Medicine to verify that a human-grade, fresh diet doesn’t result in nutritional deficits.
Dog longevity and wellness has become an increasingly attractive area for VCs. Loyal, a startup developing longevity drugs for dogs, has raised over $130 million from names like Bain Capital Ventures, Valor Equity Partners and Collaborative Fund.
A 2023 Super Bowl ad for The Farmer’s Dog embodied its psychographic marketing strategy. It featured a young girl through the years—adolescence, college, her wedding—as her labrador retriever aged. It was a compelling claim for the American dog owner: A diet of The Farmer’s Dog will keep your furry friend alive longer.
Bypassing brick-and-mortar, the company has leaned heavily into digital marketing and personalizing the user experience—a playbook similar to strategies used by beauty companies like hair care startup Prose and skincare brand Curology.
It owes part of its success to its delightful product experience, says Nikhil Basu Trivedi, GP at Footwork VC who led The Farmer’s Dog’s Series A in 2017 while at Shasta Ventures. New customers are prompted to take a quiz on their dog’s breed, diet and exercise before they’re offered product recommendations. Its packaging then not only lists ingredients, but is also labeled with the dog’s name on the front.
“They’ve been maniacally focused on the best consumer experience,” Basu Trivedi says. “They’ve nailed the brand.”
Correction: This article was updated to remove a table containing funding details for The Farmer’s Dog as PitchBook could not verify all investors’ participation. (March 26, 2025)
The Farmer’s Dog sells a subscription box for human-grade dog food.
Featured image by Chloe Ladwig / PitchBook
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