The Strategist

Billionaire Mark Cuban invests in clean protein pet food manufacturer

09/13/2021 - 08:19

Billionaire Mark Cuban has invested in a developer of artificial meat for animals. During the pandemic, the percentage of American families with at least one pet rose to a record 70%. In one year, they spent $42 billion on food.

Anne Hornyak
Anne Hornyak
Billionaire Mark Cuban ($4.5 billion fortune, according to Forbes Real-Time) is investing in an artificial animal meat company. Wild Earth, a plant-based pet food company, received $23 million in another round of financing from a group of investors, including Cuban, CNBC reported.

The company will use the funds to produce new plant-based dog and cat foods and to grow meat from cells of cows, chickens and sea creatures.

The TV channel, citing data from the American Pet Products Association (APPA), notes that Americans' attraction to pets has grown during the pandemic and now 70% of families in the country have at least one pet (a record high: in 2020 it was 67%). 

Last year, CNBC adds, Americans spent $103.6 billion on pet-related goods and services (up 6.5% for the year). Pet food and treats accounted for the largest portion of that spending at $42 billion.