Butternut Box, a UK-based fresh dog food company known for its innovative approach to pet food, has secured £280 million ($353.7m) in its latest fundraising round.
The round was led by new investor General Atlantic, a global growth equity firm, and included participation from existing investor L Catterton, a consumer-focused investment firm.
This funding will support Butternut Box’s mission to provide fresh, healthy, and tasty meals to dogs across Europe.
The company plans to use the investment to accelerate its expansion in Europe and develop a new European manufacturing facility. This facility will enhance the company’s commitment to sustainability, following its B Corp accreditation in September 2022.
Butternut Box is a fresh dog food company founded by Kev and Dave with a mission to deliver health and happiness to dogs and their owners worldwide. The company offers a core range of fresh dog food recipes, treats, chews, and supplements, delivered directly to customers’ doors.
Butternut Box, founded in 2016, is Europe’s largest fresh dog food brand, serving dogs in the UK, Ireland, the Netherlands, Belgium, and Poland following its acquisition of PsiBufet in April 2023. The company has raised over £100 million to date and has a core range of 12 fresh dog food recipes, along with treats, chews, and supplements.
Kevin Glynn, co-founder of Butternut Box, expressed excitement about partnering with General Atlantic, which shares their vision of developing the Fresh pet food category across Europe. He also acknowledged the continued support of long-standing partner L Catterton.
David Nolan, co-founder of Butternut Box, highlighted the investment’s potential to help the company further its mission of delivering health and happiness to dogs and their owners.
Melis Kahya Akar, Managing Director and Head of Consumer for EMEA at General Atlantic, emphasized the immense opportunity in the Fresh pet food category in Europe and the company’s belief in Butternut Box’s position to meet this growing demand.
Howard Steyn, a Partner at L Catterton, commended Butternut Box for its leadership in the UK and European Fresh pet food space and its dedication to delivering value to customers.
Butternut Box was advised by Harris Williams and Orrick, Herrington & Sutcliffe LLP, with financial advisory services provided by Houlihan Lokey. Freshfields served as legal advisor to General Atlantic, while PwC provided financial advisory services to L Catterton, with legal advisory services from Latham & Watkins.