Butternut Box, a U.K.-based startup that prepares and ships healthy food and supplements for dogs, is raising £280 million ($354 million) in a round of funding from General Atlantic and L Catterton.
Founded out of London in 2016, Butternut Box serves a handful of European markets with myriad culinary products spanning the meat and vegetable fray, with the promise of “human-quality” ingredients tested and tasted by real people.
Prior to now, Butternut Box had raised a little over $110 million in funding across several rounds, but its latest cash injection stands out in a world of venture capital seemingly averse to anything beyond smaller early-stage investments. This, perhaps, is testament to the enduring and robust market for all-things pet.
Indeed, the broader pet food market was pegged as a $100 billion market in 2022, with canine chow representing more than 40% of that segment. The problem, however, is that as many as 65% of dogs in the U.K. alone are estimated to be overweight. And this is why the folks at Butternut Box cook and prepare various dog-friendly meals, in addition to health-focused snacks and supplements, and allows the dog-owner to select their goods for delivery as part of a regular subscription.
So far, Butternut Box has served the U.K., Ireland, Netherlands, Poland, and Belgium, but with another £280 million in its coffers, the company says that it’s now looking to expand further into Europe.
It seems, however, that the transaction is still in the midst of closing, with the company noting that it’s “subject to customary regulatory conditions.” In all likelihood, the announcement was hurried somewhat by an early report from Sky News that emerged today.
Butternut Box said that it expects to close the funding some time this quarter.