High-end pet food startup The Farmer’s Dog is working with JPMorgan and other investment banks to raise hundreds of millions of dollars by early next year, in a deal that could value it significantly higher than its last $2.5 billion valuation, people familiar with the matter said.
The fundraising could help the company buck the trend of collapsing direct-to-consumer valuations over the past two years. The Farmer’s Dog, which delivers bags of customized dog food to doorsteps of customers who sign up for a subscription, expects to generate more than $800 million in sales this year, the people said. That represents growth of about 60% from 2022, as pet owners continue to splurge on their animals even as they cut back on spending for themselves.
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