PitchBook News - The Farmer's Dog has its day

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The Daily Pitch: VC

March 25, 2025

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Pet food maker The Farmer's Dog fetches profit, $1B+ in revenue

(Chloe Ladwig/PitchBook News)

As the margins of AllBirds and Warby Parker have taken a hit, sales for direct-to-consumer dog food brand The Farmer's Dog have skyrocketed.

In 2024, The Farmer's Dog surpassed $1.2 billion in annualized net revenue, a 50% increase from the previous year. And after years of running at a loss, the company is now taking home more than $10 million in profit each month, according to a person close to the company. Could an IPO be next?

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Grid infrastructure tech leads clean energy VC funding

VC investment in clean energy technologies remained relatively stable in 2024 despite market headwinds. Grid infrastructure tech emerged as the clear winner, attracting $6.4 billion in VC funding, our latest Emerging Tech Research shows. Long-duration energy storage solutions like iron-air and liquid air batteries also captured investor attention.

Regional investment trends also shifted notably. North America accounted for 43.8% of global clean energy VC deal value, its highest share since 2019, as Asia's portion declined significantly.

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Natural food event spotlights health, wellness products

The natural and organic products industry continues to thrive, as discussed at the recent Natural Food Products Expo West 2025 conference, with a notable 5.7% growth rate in 2024. Generation Z and millennials are particularly keen on health and wellness products, ensuring continued category strength as their purchasing power grows.

The personal care segment is experiencing the fastest growth among major categories, according to our analyst note recapping the conference. Functional beverages also dominated, with PepsiCo's March 17 move to acquire drink-maker Poppi highlighting the sector's attractiveness to major players.

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VC Deals

San Francisco-based AI robotics startup The Bot Company raised $150 million at a $2 billion valuation in a round led by Greenoaks, Reuters reported.

Boston-based Aura, developer of an app that protects users against online threats, has raised a $140 million Series G at a $1.6 billion valuation. The round, which comprised equity and debt, was led by Ten Eleven Ventures and Madrone Capital.

Augustine Therapeutics, a Belgian biotech company, raised €77.7 million in a round led by Novo Holdings and Jeito Capital.

Tempero Bio, a biotech startup developing treatments for substance use disorders, has raised a $70 million Series B led by 8VC.

Camgraphic, an Italian photonics startup, closed a €25 million Series A from investors including the NATO Innovation Fund, CDP Venture Capital and the Sony Innovation Fund.

Rain, which issues crypto credit and debit cards, has raised $24.5 million in a round led by Norwest Venture Partners.

RockFi, a Paris-based fintech company focused on private wealth, secured €18 million in a round led by Partech.

Browser Use, which develops software to help AI agents read the internet, has raised a $17 million seed round led by Felicis.

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PE Deals

PAI Partners plans to acquire Nuzoa, a Spanish animal health company, from Abac Capital.

Toms Capital Investment Management has acquired a stake in Kenvue, a consumer health company and NYSE-listed spinout of Johnson & Johnson, Bloomberg reported.

French Eurazeo has made a €100 million strategic growth investment in Metrobloks, a US-based data developer and operator of data centers.

Elk Range Royalties, which is backed by NGP Energy Capital Management, acquired net royalty acres in the DJ Basin from Occidental Petroleum in a deal valued at $905 million.

ChrysCap-backed ResultsCX has purchased Aucera, a customer experience management company.

Exits

Furiosa AI, a VC-backed South Korean AI chip startup, has rejected an $800 million takeover bid from Meta, The Korea Times reported.

PAI Partners has agreed to sell a minority stake in European Camping Group, a France-based outdoor accommodation provider, to the Abu Dhabi Investment Authority.

Temasek and Warburg Pincus are exploring a possible sale of Global Healthcare Exchange, according to the Financial Times. The company specializes in healthcare supply chain management.

Insight Partners has agreed to sell CentralReach, a provider of cloud-native software, to Roper Technologies in a deal valued at $1.65 billion.

Fundraising

Conviction Partners has raised $149 million for a growth-focused fund, according to SEC filings.

Seattle-based Pike Street Capital raised $199 million for a continuation vehicle for Impel, a company specializing in fluid management systems for the water and wastewater treatment industries.

Investors

Seviora, the asset management holding company of Temasek Holdings, opened an office in Abu Dhabi.

AXA IM Alts launched its first evergreen private credit fund under the ELTIF 2.0 regulation, aiming to provide retail and private wealth investors with access to private debt investments.

Corporate M&A

James Hardie and AZEK are set to combine in a $8.75 billion deal, creating an exterior and outdoor living building products platform.

Chart of the Day

Source: 2024 Annual US PE Middle Market Report

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PitchBook News - The Farmer's Dog has its day

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