Wild Earth Net Worth, Shark Tank Update, and How Disruptive Innovation Drove Their Success on Shark Tank
Wild Earth is still in business, with a net worth of $23 million after securing Shark Tank Deal.
Quick Shark Tank Update on Wild Earth
- Net Worth: As of 2024, Wild Earth is valued at approximately $23 million, generating over $21 million in annual sales.
- Deal with Mark Cuban: Ryan Bethencourt secured a $550,000 investment for a 10% equity stake from Mark Cuban during his Shark Tank appearance.
- Funding: Wild Earth has raised a total of $48.6 million in funding over time for further product development, including cell-based pet food, with investors such as Mark Cuban and Paul Wesley.
- Product Highlights: Plant-based dog food using cultured protein from koji, offering a sustainable and ethical alternative to traditional meat-based pet food.
- Founders: Led by Ryan Bethencourt, a biotech entrepreneur with expertise in cellular agriculture and sustainable food innovation.
- Product Expansion: Wild Earth started with plant-based dog treats and has since expanded to include a full line of plant-based kibble, launching 15 new product SKUs into the market, with plans for lab-grown meat-based pet food.
Wild Earth didn’t just create plant-based dog food. They grew into a company generating over $21 million in annual sales. Their innovative products have shaken up the pet food market.
Their growth comes from focusing on sustainable, protein-rich alternatives for pets. But what truly set them apart was their bold approach to innovation, challenging the norms of an established industry.
Curious to see how this strategy helped shape Wild Earth’s success? Keep reading to explore their journey.
Case Study: How Ryan Bethencourt Pitched Wild Earth’s Disruptive Innovation to Transform Pet Food
When Ryan Bethencourt pitched Wild Earth on Shark Tank, he sought $550,000 for 5% equity. This valued the company at $11 million, despite having no sales at that point.
He boldly stated, “As an animal lover, I’m concerned about how we feed our pets—what’s really in their food.”
This statement highlights the common issues of unhealthy fillers, frequent recalls, and the environmental impact of conventional pet food.
Bethencourt introduced the Sharks to Wild Earth’s core innovation: cultured protein made from koji.
“Koji is rich in protein and contains the 10 essential amino acids that dogs require in their food,” he explained.
He positioned it as a nutritious, sustainable alternative to meat-based dog food. His pitch emphasized the health benefits and the broader impact.
He stated, “It’s time to get serious about how we feed our pets more safely, sustainably, and ethically.”
Initially, Wild Earth’s product targeted niche consumers—those interested in vegan or sustainable diets for their pets. This strategic entry point into the market reflects a classic approach of starting with a focused product.
By introducing koji-based treats, they aimed to test consumer interest. By doing this, they can expand to a broader kibble product line later.
Bethencourt’s strategy of launching a minimum viable product (MVP) helped the company gather valuable feedback. This allowed them to adapt their offerings based on consumer responses.
When Mark Cuban expressed skepticism over the valuation, Bethencourt defended it by highlighting previous investments: “Our last priced round was actually led by Felicis Ventures and Peter Thiel,” signaling confidence in the product’s potential to disrupt the $30 billion U.S. pet food market.
This demonstration of backing from credible investors added weight to Wild Earth’s disruptive vision.
Harvard MBA-style Analysis: Why It Worked
Wild Earth’s strategy succeeded due to several key factors:
Starting with a Focused Product
Wild Earth launched with koji-based dog treats before expanding to kibble. As Bethencourt explained to the Sharks, “Our treats are being released in October, and our kibble is shooting to release soon after”.
This lean approach allowed the company to minimize risk while gauging market acceptance, a common tactic among successful startups.
Creating New Demand
Wild Earth introduced a novel, plant-based dog food that redefined what pet owners considered possible for their dogs’ diets.
By addressing health, sustainability, and ethical concerns, Bethencourt aimed to “join the Koji Revolution,” creating a new category of pet food that attracted both health-conscious and environmentally aware consumers.
Iterative Improvement and Adaptation
Throughout the pitch, Bethencourt acknowledged that Wild Earth was still evolving, using customer feedback to refine its products.
This iterative approach allowed Wild Earth to adapt its product offerings, with Bethencourt stating that they planned to “go back to the lab and introduce 15 new products” after scaling the existing ones.
Bridging the Gap from Niche to Mainstream
Wild Earth started with a product that appealed to vegan pet owners and eco-conscious consumers, but Cuban’s investment helped it move toward mainstream adoption.
As Bethencourt mentioned, the initial focus was to “show success first,” proving the product’s viability before expanding to larger retail channels.
Leveraging Strategic Partnerships
Cuban’s $550,000 investment for 10% equity was a pivotal moment, as it not only provided capital but also opened doors to broader distribution and increased credibility.
Bethencourt recognized the value of Cuban’s backing, stating, “My whole team is going to be super excited” about working with him to scale the company further.
The Takeaway
Wild Earth’s story is a testament to how disruptive innovation can succeed in mature markets. By introducing a novel product, targeting specific problems (sustainable pet food), and refining offerings based on feedback, Wild Earth illustrates how small, focused ideas can have a significant impact.
As Bethencourt put it, the goal was to “scale Wild Earth into a multi-billion-dollar company that’s really going to make the world better for our pets”.
How You Can Apply These Insights to Your Own Business
- Start with a Focused Product: Begin with an MVP that solves a specific problem. For Wild Earth, it was koji-based treats to test the waters, which minimized initial risks and allowed for real-world feedback.
- Target an Underserved Market: Identify gaps in large markets where consumer needs are unmet. Wild Earth targeted pet owners looking for ethical, sustainable food options, creating demand without directly competing with established brands.
- Iterate and Adapt: Be prepared to refine your products based on feedback. Wild Earth’s commitment to evolving its product line ensured it stayed relevant and competitive.
- Expand Gradually: Transition from niche markets to mainstream by addressing broader consumer needs over time. Cuban’s investment allowed Wild Earth to scale and reach wider audiences, moving beyond its initial niche.
- Leverage Strategic Partnerships: Look for partners who offer more than just funding; they should provide strategic insights and help expand your market reach, as Cuban did for Wild Earth.
By implementing these strategies, you can transform a disruptive idea into a successful business, just as Wild Earth did in the pet food industry.
Feature Image credit: Eric McCandless, ABC
