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Post: UK-based dog food startup Butternut Box fetches €326M from General Atlantic, L Catterton



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UK-based Butternut Box, a fresh dog food company, announced on Monday, September 4, that it has raised £280M (approximately €326M) in its latest fundraising round from new investor General Atlantic, with participation from existing investor L Catterton.

Butternut Box will use the funds to expand its presence in Europe and continue its mission of delivering fresh and healthy meals to dogs globally. 

The capital infusion will also help Butternut Box to develop its second European manufacturing facility. 

Rudie’s Kitchen is the company’s first manufacturing and fulfilment facility, fully integrated, and opened in March 2021. 

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The transaction’s closing is subject to customary regulatory conditions but is expected to occur in Q4 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 fresh take on dog food

Butternut Box was founded in 2016 by Kevin Glynn and David Nolan after David’s rescue dog Rudie experienced health problems.

The company is dedicated to serving only the highest quality, freshly–prepared meals for dogs, delivered straight to customers’ doors. 

Butternut Box offers 12 fresh meal options and a variety of treats, chews, and supplements.

Currently, the company operates in the UK, Ireland, the Netherlands, Belgium, and most recently Poland following its April 2023 acquisition of PsiBufet, a fresh dog food company in Central and Eastern Europe. 

The Investors

General Atlantic is a global growth equity firm that has supported over 500 growth companies throughout its history. 

The equity firm has more than $77B in assets under management inclusive of all products as of June 30, 2023, and more than 220 investment professionals based 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,” adds Akar.

L Catterton is a consumer-focused investment firm, managing approximately $34B of equity capital and three multi-product platforms: private equity, credit, and real estate. 

The firm has made over 250 investments in some of the world’s most iconic consumer brands.

“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,” adds Steyn

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