Image credit: Butternut Box
UK-based Butternut Box, a contemporary pet food firm, introduced on Monday, September 4, that it has raised £280M (roughly €326M) in its latest fundraising spherical from new investor General Atlantic, with participation from current investor L Catterton.
Butternut Box will use the funds to develop its presence in Europe and proceed its mission of delivering contemporary and wholesome meals to dogs globally.
The capital infusion can even assist Butternut Box to develop its second European manufacturing facility.
Rudie’s Kitchen is the corporate’s first manufacturing and fulfilment facility, totally built-in, and opened in March 2021.
The transaction’s closing is topic to customary regulatory situations however is predicted to happen in This autumn 2023.
Kevin Glynn, co-founder of Butternut Box, says, “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.”
Butternut Box: A contemporary tackle pet food
Butternut Box was based in 2016 by Kevin Glynn and David Nolan after David’s rescue canine Rudie skilled well being issues.
The firm is devoted to serving solely the very best high quality, freshly–ready meals for dogs, delivered straight to clients’ doorways.
Butternut Box affords 12 contemporary meal choices and a wide range of treats, chews, and dietary supplements.
Currently, the corporate operates within the UK, Ireland, the Netherlands, Belgium, and most not too long ago Poland following its April 2023 acquisition of PsiBufet, a contemporary pet food firm in Central and Eastern Europe.
The Investors
General Atlantic is a world development fairness agency that has supported over 500 development firms all through its historical past.
The fairness agency has greater than $77B in belongings underneath administration inclusive of all merchandise as of June 30, 2023, and greater than 220 funding professionals based mostly in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv.
“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,” says 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,” provides Akar.
L Catterton is a consumer-focused funding agency, managing roughly $34B of fairness capital and three multi-product platforms: non-public fairness, credit score, and actual property.
The agency has revamped 250 investments in among the world’s most iconic client manufacturers.
“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,” says 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,” provides Steyn
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