Butternut Box, the UK-based fresh dog food company renowned for its innovative pet food solutions, has announced a significant milestone in its journey to revolutionize pet nutrition. The company has successfully raised £280 million in its latest fundraising round, with General Atlantic, a prominent global growth equity firm, stepping in as a new investor. The round also saw continued support from existing investor L Catterton, a leading global consumer-focused investment firm.
Butternut Box, Europe’s largest fresh dog food brand, caters to dogs in the UK, Ireland, the Netherlands, Belgium, and most recently, Poland, following its acquisition of PsiBufet in April 2023. The company, founded in 2016, has experienced remarkable growth and has raised over £100 million to date, with investments from several notable firms, including White Star Capital, Five Seasons Ventures, Passion Capital, Literacy Capital, Claret Capital, and HSBC.
This latest £280 million investment will be instrumental in furthering Butternut Box’s mission to provide fresh, delicious, and nutritious meals to dogs and their owners. The funding will be allocated towards expanding the company’s reach across Europe and establishing a new European manufacturing facility. This facility will be the second of its kind for Butternut Box, following the opening of Rudie’s Kitchen in March 2021. Rudie’s Kitchen is a fully integrated manufacturing and fulfillment facility that allows the company to maintain complete control over its production processes and reduce emissions. Notably, Butternut Box received B Corp accreditation in September 2022, highlighting its commitment to positive environmental and social impact.
Co-founder of Butternut Box, Kevin Glynn, expressed his enthusiasm about the new partnership, stating, “We are delighted to now partner with General Atlantic, who is an incredible investor and shares our long-term vision of developing the category of Fresh pet food across Europe. It is also fantastic to receive further support from our long-standing partner, L Catterton, who we’ve been proud to work with for several years now.”
David Nolan, co-founder of Butternut Box, added, “Everyone here is driven by a uniting purpose to deliver health and happiness to all dogs, everywhere. This investment will help us take the next leap forward in doing just that.”
Melis Kahya Akar, Managing Director and Head of Consumer for EMEA at General Atlantic, expressed their excitement about the partnership, saying, “There is an immense opportunity set across the Fresh pet food category in EMEA, and we believe Butternut Box is well positioned to leverage its digitally enabled business model to meet this growing demand.”
Howard Steyn, a Partner at L Catterton, emphasized the company’s impressive innovation and value delivery, stating, “We’ve been particularly impressed by how Butternut Box continues to innovate and deliver such compelling value to its customers. We look forward to leveraging our global experience in the pet category to support the brand’s next phase of growth.”
Butternut Box remains dedicated to providing high-quality, freshly prepared meals for dogs, delivered directly to customers’ doors. With a core range of 12 fresh recipes and a growing selection of treats, chews, and supplements, Butternut Box is leading the way in redefining dog food.
The transaction’s closing is subject to customary regulatory conditions and is expected to occur in Q4 2023.
For more information about Butternut Box, please visit www.butternutbox.com.
Image: Try a fresh take on dog food with Butternut Box. (Photo: Business Wire)