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Butternut Box: The HelloFresh of dog food raises £280M at £500M valuation

Butternut Box founders
Picture credits: Butternut Box

UK-based Hello Fresh-style fresh dog food company, Butternut Box, known for its innovative tech-driven approach to pet food has secured £280 million in funding from global growth equity firm General Atlantic and existing investor L Catterton. The company is now reportedly valued at £500m. This move is set to strengthen the company’s presence in Europe and support its mission to provide fresh, nutritious meals to dogs worldwide. The deal is expected to close in the fourth quarter of 2023, pending regulatory approvals.

Europe expansion

Butternut Box, renowned for its tech-driven approach to fresh dog food, is Europe’s largest brand in this sector, serving dogs in the UK, Ireland, the Netherlands, Belgium, and, more recently, Poland following the acquisition of PsiBufet in April 2023. Since its establishment in 2016, the company has rapidly expanded, raising over £100 million to date from investors such as L Catterton, White Star Capital, Five Seasons Ventures, Passion Capital, Literacy Capital, Claret Capital, and HSBC.

The new funding will fuel Butternut Box’s growth and its commitment to enhancing the well-being of dogs and their owners. The company plans to bolster its leadership in the fresh pet food category through further expansion in Europe and the establishment of a new European manufacturing facility. This facility will be the company’s second of its kind, following Rudie’s Kitchen, a fully integrated manufacturing and fulfillment facility that opened in March 2021. This expansion aligns with Butternut Box’s dedication to sustainability, as evidenced by its B Corp accreditation in September 2022.

Mission-driven approach

Butternut Box specialises in delivering high-quality, freshly prepared dog meals directly to customers’ doors. With a core range of 12 fresh recipes and a growing selection of treats, chews, and supplements, Butternut Box is redefining the dog food industry.

The transaction involved advisory services from Harris Williams and Orrick, Herrington & Sutcliffe LLP for Butternut Box, financial advisory by Houlihan Lokey and legal advisory by Freshfields for General Atlantic, and financial advisory by PwC and legal advisory by Latham & Watkins for L Catterton. Butternut Box, co-founded by Kev & Dave, aims to bring health and happiness to dogs and their owners globally.

Kevin Glynn, co-founder of Butternut Box, said: “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 and who also believes in the power of Fresh and that we are only really at the starting line. Most notably we are incredibly excited by what this investment will unlock for our customers (dogs and humans) in the years to come as we are nothing without them.”

“We’re thrilled about the ways in which this investment will allow us to continue to live out our mission,” added David Nolan, co-founder of Butternut Box. “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.”

“We are very excited to partner with Kevin and David who have reimagined Fresh pet food through Butternut Box’s diversified product portfolio and mission-driven brand,” said Melis Kahya Akar, Managing Director and Head of Consumer for EMEA at General Atlantic. “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. We look forward to utilising our pet expertise and technology capabilities to support the Company through its next chapter of growth.”

“Since partnering with Kevin, David, and the team three years ago, Butternut Box has expanded its leadership in the growing Fresh pet food space in the UK and Europe and has built a loyal following among pets and humans alike,” said Howard Steyn, a Partner at L Catterton. “While we have long had conviction in the UK Fresh category after investing behind this concept in the U.S., 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.”

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