Wild Earth secures $10 million credit facility from Espresso Capital
Berkeley, Calif. — January 21, 2022 — Espresso Capital announced today that it has provided Wild Earth, a sustainable, biotech-driven pet food company, with a $10 million credit facility. The company will use the funds to help accelerate its growth.
“Today’s consumers increasingly want to give their pets foods that are healthier, better for the environment, and more humane,” said Wild Earth CEO Ryan Bethencourt. “With the Espresso facility, we’re able to take advantage of that trend by investing in our digital marketing efforts as we look to ramp up customer acquisition and continue to accelerate growth in 2022 and beyond.”
Interest in plant-based pet foods has been on the rise among veterinarians and pet owners alike. An overwhelming 86 percent of Wild Earth customers report noticing positive health benefits among their dogs. These include fewer skin allergies, reductions in itching and scratching, and improved digestive health, among others.
“Ryan and his team have developed a differentiated product and have strong tailwinds at their back given the health and environmental benefits of using clean ingredients,” said Espresso Executive Director, Steven Michau. “These strong tailwinds, combined with their subscription-based sales model and strong customer retention metrics have helped drive Wild Earth’s success and we’re excited for this next phase of their growth.”
“Partnering with Espresso has been fantastic,” said Antony Evans, Chief Operating Officer. “They had the best term sheet, stuck to their word, and conducted their process efficiently. We appreciate that working with them was simple and straightforward.”
Peter Thiel is an existing investor in Wild Earth through Thiel Capital and Founders Fund, as is Mark Cuban. Other investors include At One Ventures, Veginvest, Big Idea Ventures, and Cloudview Ventures.
About Wild Earth
Wild Earth is a sustainable, biotech-driven pet food company on a mission — to make dog food better. Similar to food innovators creating cultured protein for human consumption, Wild Earth is developing clean, plant and fungi-based proteins for our pets that are healthier, better for the environment, and more humane than conventional products. Looking to transform the pet food industry by way of meat-free alternatives, Wild Earth is led by cellular agriculture pioneers and an experienced business team led by chief executive officer Ryan Bethencourt. The company has received $37 million in funding thus far from investors that include At One Ventures, VegInvest, Felicis Ventures, Mark Cuban, Mars Petcare, Stray Dog Capital, Founders Fund, and Thiel Capital. The company is headquartered in Berkeley, California. For more information visit www.wildearth.com.
About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at espressocapital.com.
Head of Marketing, Espresso Capital