Butternut Box, a U.Ok.-based startup that prepares and ships wholesome meals and dietary supplements for dogs, is raising £280 million ($354 million) in a spherical 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” elements examined and tasted by actual folks.
Prior to now, Butternut Box had raised a bit over $110 million in funding across several rounds, however its latest money injection stands out in a world of enterprise capital seemingly averse to something past smaller early-stage investments. This, maybe, is testomony to the enduring and strong marketplace for all-things pet.
Indeed, the broader pet meals market was pegged as a $100 billion market in 2022, with canine chow representing greater than 40% of that section. The downside, nonetheless, is that as many as 65% of dogs within the U.Ok. alone are estimated to be chubby. And this is the reason the parents at Butternut Box prepare dinner and put together numerous dog-friendly meals, along with health-focused snacks and dietary supplements, and permits the dog-owner to pick their items for supply as a part of a daily subscription.
Butternut Box Image Credits: Butternut Box
So far, Butternut Box has served the U.Ok., Ireland, Netherlands, Poland, and Belgium, however with one other £280 million in its coffers, the corporate says that it is now trying to increase additional into Europe.
It appears, nonetheless, that the transaction continues to be within the midst of closing, with the corporate noting that it is “topic to customary regulatory circumstances.” In all chance, the announcement was hurried considerably by an early report from Sky News that emerged at present.
Butternut Box mentioned that it expects to shut the funding a while this quarter.
