The Farmer's Dog
Pet food/DTCUSA
New to Unitard
βοΈ Markdown
PeakΒ $1.5 BillionToday
~-35%
from peak
- π¦Became a unicorn2021
- πPeak valuation$1.5 Billion β21
- πBecame a Unitard~2023
- πΈLast valuation~$975M
Current status
PitchBook est. $970M (Dec 2025); company disputes it
The rise & fall
5 moments Β· 2014β2023The key moments.
2014
2014
Founded for a dog with a bad stomach
Brett Podolsky and Jonathan Regev start cooking fresh, human-grade dog food after Podolsky's Rottweiler can't keep regular kibble down.
TechCrunch
2021
2021
The peak: ~$1.5B for fresh dog food$1.5B
The direct-to-consumer subscription boom carries the company to roughly $1.5B β unicorn and peak in one.
PitchBook
Feb 2023
Feb 2023
A Super Bowl tear-jerker
The 'Forever' spot tops USA Today's Ad Meter β the brand shines even as DTC valuations deflate.
USA Today
2023
2023
Marked down out of the club
PitchBook's model, later reported by CNBC, puts the company at about $970M (end of 2025), roughly a third below its peak as DTC multiples contract β a fallen unicorn by third-party math, and one the company disputes.
CNBC
How it happened
The Farmer's Dog is a direct-to-consumer fresh pet-food subscription company that reached a roughly $1.5B valuation around 2021. As DTC valuations contracted, PitchBook's model put the company at about $970M at the end of 2025, roughly a third below its peak β an estimate the company disputed after CNBC's report, saying its valuation had only risen since its 2022 round.
Source: PitchBook model estimate as of Dec 31, 2025 (CNBC's fallen-unicorn table, Jun 2026), not a priced round
Founders
Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.
