Vegan pet food startup Wild Earth, which shot to fame after landing a Shark Tank deal with Mark Cuban, has filed for bankruptcy. But co-founder Ryan Bethencourt says it’s not the end of the brand’s story.
Wild Earth, one of the leading plant-based pet food brands, has filed for Chapter 11 reorganisation bankruptcy in North Carolina.The company, which made national headlines after finding success on ABC’s Shark Tank in 2018, reported $2.4M in assets and $12.6M in liabilities in the court filing. The business will continue to operate, with the Chapter 11 filing allowing it to restructure its debt.
“We just couldn’t find any venture investors,” co-founder and CEO Ryan Bethencourt told Triangle Business Journal, which first reported the news. He noted that Wild Earth couldn’t keep up with its venture debt despite months of negotiations, with its largest creditor, Espresso Capital, set to take over the business.
Bethencourt, who owns 9.2% of the company, hopes to stay at the firm, which will become a “leaner, meaner” operation. “I don’t think this is the end of the Wild Earth story,” he said.
A serial investor in the alternative protein ecosystem, Bethencourt established Wild Earth in 2017 after he “obsessed about pet food” and learnt about the industry’s environmental and health harms.
A year later, he appeared on Shark Tank and convinced Cuban to invest in the startup. The Dallas Mavericks owner agreed to pay $550,000 for 10% of the company – and unlike many deals that fall through after airing on the TV, this one came good. (Cuban still owns about 0.5% of the business.)
Its portfolio is dominated by dog food, treats and supplements, but it recently diversified into cat food too, launching a Unicorn Pate SKU in August. The company has dabbled with cultivated meat as well, working to develop a chicken broth topper for dogs – but it paused development efforts due to financial challenges, Bethencourt revealed in an interview with Green Queen last year. More of this article (green queen) - link - more like this (vegan dog food) - link - more like this (North Carolina) - link
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