The Farmer's Dog

Pet food/DTCUSA

New to Unitard

✂️ Markdown

Peak $1.5 BillionToday

~-35%

from peak

🦄
Became a unicorn
2021
📈
Peak valuation
$1.5 Billion ’21
💔
Became a Unitard
~2023
💸
Last valuation
~$975M

Current status

PitchBook est. $970M (Dec 2025); company disputes it

The rise & fall

5 moments · 2014–2023

The key moments.

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

The peak: ~$1.5B for fresh dog food$1.5B

The direct-to-consumer subscription boom carries the company to roughly $1.5B — unicorn and peak in one.

PitchBook

Feb 2023

A Super Bowl tear-jerker

The 'Forever' spot tops USA Today's Ad Meter — the brand shines even as DTC valuations deflate.

USA Today

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 — 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 — 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

Jonathan Regev
co-founder & CEO
Still there — Co-Founder, CEOLinkedIn ↗
Brett Podolsky
co-founder
LinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.

Disclosed investors (8)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard