Episode 807 of Shark Tank features Renaldo Webb looking for a Shark to partner with on PetPlate, a freshly prepared dog food.
According to Crunchbase, it’s the “Blue Apron of dog food!” Renaldo was previously a supply chain consultant for the pet food industry.
He was dissatisfied with the contents of dog food and believed that he should not give his dog anything unfit for human consumption; thus, he founded Pet Plate in June 2015.
The dog food is made at a commercial kitchen in Brooklyn by Mr. Webb, who delivers it to people. The delivery service in New York City is complimentary.
PetPlate offers seven distinct dog meals that are packaged based on your dog’s weight. There are options for Turkey, Lamb with veggies; Beef or Lamb with Turkey, Beef, Brown Rice, and Fish and Potatoes.
Is this dog food suitable for a shark? A one-month supply costs between $150 and $400, depending on your dog’s size. Renaldo possibly needs a Shark’s assistance in breaking into pet retailers and nationalizing his brand.
What Is PetPlate?
The PetPlate company makes and supplies healthy pet food. PetPlate provides fresh, humane dog food recipes right to your home, using a subscription model.
A subscription plan is used for determining which meals are made and selected for your dog, taking into account its age, weight, and allergies.
This food is formulated to meet the nutritional needs set by AAFCO Dog Food Nutrient Profiles, containing healthy ingredients such as broccoli, squash, carrots, and peas, and a combination of vitamins and minerals.
Petplate’s Chompin’ Chicken, Barkin’ Beef, Tail Waggin’ Turkey, and Lip Lickin’ Lamb meals have enough variety to keep your dog occupied for days.
|Product||Delivering healthy pet food and human-quality|
|Investment Seeking||$100,000 For 10% stake in PetPlate|
|Final Deal||No Deal|
|Episode||Episode 10 Season 8|
|Business Status||In Business|
Who Is The Founder Of PetPlate?
Renaldo Webb founded PetPlate after working as a business analyst at a pet food company. He has remained a Director of the fast-growing pet food company headed by Gertrude Allen ever since.
PetPlate Before Shark Tank
Renaldo Webb was born and raised in Brooklyn, New York. He and his sisters were raised by a single mother in New Orleans.
He tried everything to support his family, including working as a cafeteria worker to supplement his income.
His childhood was completely devoted to science and mathematics. He was the first member of his family to graduate from college.
He attended MIT, where he earned a degree in physics and developed an interest in entrepreneurship and passion.
Following graduation from college, he landed a well-compensated job assisting Fortune 500 companies with their production operations.
He traversed the world and witnessed mass food manufacturing in action. A typical consumer does not know what is in their food, and being exposed to this would be a big surprise.
Renaldo founded his own company, Pet Plate. His mother has been through a great deal in her life and made numerous sacrifices to help him get to where he is.
He quit his job earning more than $250,000 a year and cannot assist his family in the ways he wishes. Without a deal from the Sharks, he’ll struggle to keep things going.
A scruffy little animal companion of Renaldo joins him in the Shark Tank to make this point even clearer.
How Was The Shark Tank Pitch Of PetPlate?
Both Renaldo Webb and puppy Winston are from Brooklyn, New York. Renaldo founded and owned PetPlate, and Winston serves as the company’s chief tasting officer.
They would like to exchange 10% of their business for $100,000. PetPlate delivers freshly prepared pet food directly to your home.
American health concerns include diabetes, cancer, and heart disease. The Sharks must be aware of these problems.
All of this is connected in some way to what we consume. Unfortunately, many of these diseases are now affecting our dogs due to giving them scraps from our over-processed food supply chains.
Dogs and cats in the U.S. are overweight to a staggering 60%. Diabetes and allergies are among the most common conditions in animals.
One in every two canines will succumb to cancer. PetPlate is working to resolve this issue by educating pet parents and empowering them to raise healthy, happy pets. Who doesn’t want to see what goes into PetPlate?
The inventor of PetPlate steps back and points to a nearby table to explain that the product is made entirely of natural materials. You can buy the same items at the grocery store to feed your family.
He delivered the primary items for their lamb and veggie dinner today. It is made using extremely lean lamb, eggs, sweet potatoes, potatoes, peas, carrots, and pumpkin.
When Renaldo explains the function of each ingredient, Winston can smell the food as it is prepared.
Renaldo mixes the meal ahead of the Sharks and then serves them a taste of Winston’s favorite food.
Mark volunteers to be the guinea pig, while Renaldo distributes samples to each Shark. Everyone except Mark is afraid to taste, but he acknowledges that it is quite tasty after he does.
A freshly prepared PetPlate is offered to Winston after he takes a seat at his command. Lori seeks clarification of whether this is a home delivery service, to which Renaldo acquiesces.
Even though it is plated, the food has been freshly prepared and is ready for your order as soon as it is delivered from the kitchen.
Customers can subscribe for one month, three, six, or twelve months, with the average subscription currently being three months.
Robert and Kevin then inquire about pricing. At the moment, they charge per pound for food, which means that the price may vary depending on your dog’s breed.
If you have a little dog, such as a chihuahua, the cost may be around $30 each month. Winston is amusing himself by breaking the table on which Renaldo set his meal dish.
He continues by explaining the user experience: join up on the website, enter your dog’s weight, and the website will direct you to the food plan alternatives.
A complete subscription is available at 14 meals per week, delivered twice each week.
Mark inquires about the weekly rate, but Robert clarifies that it is entirely dependent on the dog’s size. Mark then inquires as to the size of PetPlate’s subscriber base.
Renaldo reports that the company has approximately eight months of business and has 105 subscribers. They are nearing the completion of their task.
Their headquarters are now in New York, but they can ship anywhere within 300 miles of the city. He is determined to make it an urban service.
Upon asking Renaldo why he has fewer than 100 subscribers, he responds that he is currently a one-person show.
Kevin discusses the methods used: Each corporation must establish distribution centers in all major metro areas to fulfill its deliveries through a multi-year logistics process.
With PetPlate, the cooking process for your dog is much easier – it’s a lot more straightforward than traditional methods.
They can cook approximately 200 to 300 pounds of food in roughly three to four hours.
Robert inquires about Renaldo’s history, to which he replies that his mother worked in the school cafeteria, after which he attended MIT and graduated as a physics major.
Despite his sincere desire to do so, he recognized that he was not a savant capable of discovering gravitational waves, but he discovered his passion for organizing and enterprise.
He spent most of his time assisting Fortune 500 companies with their supply chains and manufacturing, which allowed him to acquire the most knowledge about pet food.
Robert and Lori acknowledge Renaldo’s accomplishments, but Lori is intrigued — did he then quit his job to start PetPlate full-time on his own? Renaldo concurs but claims that the delivery curves are only causing them to lose little money.
Additionally, he has raised no funds and founded PetPlate on a shoestring budget. He invested only around $80,000 of his own money.
Kevin’s primary concern is that, given the difficulties they’ve encountered scaling comparable initiatives, Renaldo will require a large sum of money. Renaldo takes a contrary position. They do around 150 deliveries per week using a single courier.
Robert then inquires about the model’s tipping point, and Renaldo reveals that once they reach 500 dogs, the business transforms into a half-million-dollar enterprise (about $1,000 per dog each year).
Moreover, Robert inquires why he does not make his premium pet food a fresh and high-quality product, but he does not do so.
Why should it be delivered to individuals? The issue revolved around Renaldo’s dislike for natural preservatives and how he incorporated them into his diet.
Her view of Renaldo is that he is a true hero. However, she sees the business as challenging due to obstacles related to “how many people will care enough to spend money on home-cooked meals?”
Robert makes an excellent argument regarding pivoting; while producing something more sustainable makes sense, it does not suit Renaldo’s objective.
Lori is the first Shark to be released from the agreement. As Robert pointed out, he is not sure whether the market will succeed; if there were a strong cause among the pet community, it would have reached more than 100 users. Robert expresses regret, but he is also out of the bargain.
Chris Sacca, this episode’s Guest Shark, expresses his conflicted feelings. He learns about Renaldo’s background, which is quite remarkable.
To progress from a black child in New Orleans to MIT is remarkable, and he’s the ultimate partner. However, it is a problem that Renaldo chose a rival because Chris Sacca is a member of Uber Rush.
They work with couriers and ship food worldwide, so he has trouble becoming excited about a company that will clash with him right away. Chris is unavailable due to a conflict of interest.
Mark and Kevin are the remaining Sharks. Despite his incredible accomplishments, Renaldo remains one of the top athletes in the world. Pet enterprises are all-in endeavors, and you must eat, sleep, and think about pets 24 hours a day.
Mark, who is not a pet 24/7, tells Renaldo to surround himself with like-minded individuals. Kevin continues by stating that he is currently living the scenario through his firm, Plated.
Their primary concern at the moment is gaining an understanding of how tough scaling is. Kevin’s primary concern is consumer competition.
They are providing a service and maintaining a consumer base. Kevin says he is not interested in accompanying Renaldo on the journey and is the final Shark to walk away from the contract.
What Happened To PetPlate After Shark Tank?
PetPlate has exploded in popularity since its appearance on Shark Tank. Batches are created no more than 24 hours before delivery and contain the same delectable sweetness that our animal friends adore.
According to the website, there is “no B.S.” — no bad stuff. You can find a list of ingredients for each meal on the internet, along with any special precautions or instructions if your dog is allergic.
PetPlate meals should be refrigerated and are excellent for up to a week. The option of microwaving the dog’s food is available if you wish to ensure that your canine family member has a delicious meal.
Unfortunately, Renaldo has failed to build the firm, which Kevin repeatedly mentioned. The sole facility is the one in New York City that founded PetPlate.
PetPlate’s delivery area remains confined to a 300-mile radius, but the company has promised same-day service.
While it’s difficult to obtain sales data or ascertain PetPlate’s actual health, various options have been introduced to the menu.
PetPlate is now offering a two-week free trial, with the purchaser footing only the cost of delivery.
PetPlate has great potential, and I believe locally grown, and produced food may be the key to healthier, happier dogs.
Did PetPlate Get a Deal On Shark Tank?
The Pet Plate business appeared on Shark Tank in Season 8 Episode 10, seeking $100,000 for a 10% stake ($1 million valuations) but failed to land a deal.
PetPlate Shark Tank Update
Renaldo has continued to expand his business since his appearance. From serving fewer than 100 customers in New York City, he expanded to supplying hundreds of cartons of fresh dog food all over the country.
In the spring of 2018, Ronaldo raised $4 million in venture funding. He raised undisclosed funding in the second round of financing in the summer of 2018 to help drive his expansion.
There was no deal on PetPlate in episode 1010, but PetPlate received an update. Renaldo states in the update part that he took the Sharks’ counsel to heart.
Having sent 300-400 meals per month to New York City for the first two years, he is now sending 3,000 to 4,000 meals per month nationwide.
Pet Plate raised $9 million in February 2020 to fund rapid growth. As of September 2021, the firm had grown to over ten million meals! Among the investors was General Mills’ venture capital unit.
Is PetPlate Still In Business?
Since being featured on Shark Tank, Pet Plate has expanded from a few subscriptions in the NYC region to currently distributing hundreds of boxes each week across the country.
Pet Plate had supplied over 15 million meals since 2017 by February 2021.
What Is The Net Worth Of PetPlate?
PetPlate has raised $4 million in a seed round, confirming its success. In August 2018, the company raised an unknown sum for a net worth of approximately $4 million.
Webb intends to use the additional capital to scale operations to meet the increased demand for cross-country shipping.
PetPlate has reached more than 4.2 million customers since Shark Tank, with over $4 million in sales in January 2019.
PetPlate raised $9 million in Series A fundraising in 2021 from investors including DFE Capital Management and Fernbrook Capital Management, 301 INC, totaling $13 million at an unknown valuation.