London-based direct-to-consumer dog food brand Butternut Box has raised £280 million in its latest funding round. The capital is expected to aid the company in furthering the brand’s presence in both Europe and further afield.
New investor General Atlantic led the round with existing investor private equity firm L Catterton participating. According to Sky News, the dog food company now has a pre-money valuation of north of £500 million, thus putting them on the precipice of unicorn status, an increasingly rare event as of late.
Butternut Box announced the raise of £40 million back in August of 2021, with L Catterton leading the round, and is additionally backed by White Star Capital, Five Seasons Ventures, HSBC, Literacy Capital, Blackrock’s Kreos Capital, and Passion Capital.
Butterbox co-founder Kevin Glynn comments:
“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.”
Lead image via butternutbox.com
https://tech.eu/2023/09/05/butternut-box-ps280m-investment/
