LONDON — Direct-to-consumer fresh dog food company, Butternut Box, raised £40 million (roughly $55 million USD) in its latest round of funding, with L Catterton, a European private equity firm, leading the investment.
L Catterton reported the fresh pet food company will use this new funding to “bolster its operational enhancements” through new retail channels, markets and product innovation.
Other participating investors included White Star Capital, Five Seasons ventures and Passion Capital.
“Butternut is driven by our founding purpose – to deliver health and happiness to dogs and their humans all over the world,” said David Nolan, co-founder of Butternut Box. “We are delighted about the recent investment as it will facilitate us caring for more dogs than ever before.”
Since it was founded in 2016, Butternut Box has grown to become a leading human-grade, fresh dog food brand in the United Kingdom and other European markets. The company uses digital technology to offer personalized diets to dog owners through its online platform, butternutbox.com. The company will seek growth by expanding its capabilities into new global markets.
From left: Butternut Box Founders Kevin Glynn and David Nolan. The company takes a minimally processed approach to its fresh dog foods, cooking gently at 90 C (194 F), and then quick-freezing products for preservation. The company does not use preservatives, according to its website. Formulas in its fresh portfolio include beef with sweet potatoes, peas and rosemary; chicken with peas and sage; turkey with carrots, peas and rosemary; lamb with green beans and turmeric; sustainably-sourced whitefish with carrots and kale; and pork with carrots, butternut squash and sage.
Aside from its complete-and-balanced fresh dog foods, Butternut Box also offers air-dried treats and baked biscuits for dogs.
“We have long been impressed by how Butternut Box has established itself as the trusted brand of choice in the UK among a loyal base of pet owners, and we are thrilled to strengthen our partnership further with this latest round of funding,” said Jean-Philippe Barade, partner at L Catterton Europe. “Butternut Box continues to leverage its innovative digital platform to raise the bar in the growing pet food market, and we look forward to collaborating with the entire Butternut team as they work to build on their considerable momentum.”
L Catterton operates 17 global offices with roughly $30 billion in equity capital, making more than 250 investments in consumer brands since its founding in 1989.
Other participating investors included White Star Capital, Five Seasons ventures and Passion Capital.
“We have been fortunate to work with the team over a number of years and have seen their relentless focus on their purpose guide them to a leading position in the UK,” said Eric Martineau-Fortin, co-founder and managing partner at White Star Capital. “We look forward to working with them on this next phase, as they expand the Butternut Box community internationally.”
White Star Capital is a “global multi-stage technology investment platform” with offices in Guernsey, New York, London, Paris, Montreal, Toronto, Tokyo and Hong Kong.
“In the last 12 months, Butternut Box has built a unique pet food production facility, designed from the ground up for D2C distribution of fresh pet food,” said Ivan Farneti, managing partner at Five Seasons Ventures. “We are very excited for all the additional learnings and IP we are going to create in the coming years as the team steps up the growth both domestically and internationally.”
Five Seasons Ventures focuses its investments on European food-technology companies, specifically consumer food brands using digital technologies to drive their businesses.
“We are excited to be partnering with L Catterton and our existing investors again,” said Kevin Glynn, co-founder of Butternut Box. “We’ve been on a great journey together and we are energized by the fact that our existing shareholders are doubling down so that we can accelerate our efforts in customer experience, manufacturing, new products, and new markets.”
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