Butternut Box, a UK-based company that prepares and delivers healthy food and supplements for dogs, has raised £280 million ($354 million) in a funding round led by General Atlantic and L Catterton.
Butternut Box, founded in London in 2016, supplies multiple culinary meat and vegetable products to several European markets, promising “human quality” ingredients tested and tried by real people.
Butternut Box has previously raised just over $110 million in several rounds of funding, but its latest cash infusion stands out in a venture capital world that doesn’t seem to be looking for anything more than a small early-stage investment. Perhaps this is a sign that the pet products market remains resilient.
Indeed, the pet food market is projected to be a $100 billion market in 2022, with dog food accounting for more than 40% of that segment. The problem, however, is that in the UK alone, an estimated 65% of dogs are overweight. That’s why Butternut Box makes a variety of dog meals, as well as snacks and supplements, and allows dog owners to select items for delivery as part of a regular subscription.
So far, Butternut Box has served the UK, Ireland, the Netherlands, Poland and Belgium, but with a further £280 million in funding, the company says it is now looking to expand its presence in Europe.
Butternut Box said it expects to finalize the funding in the current quarter.
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