LONDON — UK-based fresh dog food company Butternut Box closed its latest funding round, raising £280 million ($349.9 million USD). The pet food company plans to use the funding to help further expand its presence throughout Europe and continue its goal to provide fresh, tasty and healthy meals to dogs throughout the globe.

The funding round was led by new investor General Atlantic, a global growth equity firm, and received participation from existing investor L Catterton, a leading global consumer-focused investment firm. The investment is currently subject to customary regulatory conditions and is expected to go through in the fourth quarter of this year.

“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,” said Kevin Glynn, co-founder of Butternut Box. “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.”

According to Butternut Box, it is Europe’s largest fresh dog food brand with products shipped to the United Kingdom, Ireland, the Netherlands and Belgium. Its offerings include complete-and-balanced meals, as well as treats, chews and supplements for dogs delivered directly to consumers.

“We’re thrilled about the ways in which this investment will allow us to continue to live out our mission,” said David Nolan, co-founder of Butternut Box. “Everyone here is driven by a uniting purpose to deliver health and happiness to all dogs, everywhere. This investment will help us take the next leap forward in doing just that.”

Earlier this year, Butternut Box acquired PsiBufet, a leading fresh dog food company in Central and Eastern Europe, expanding its footprint into Poland. Since its founding in 2016, the company has witnessed significant growth and has raised more than £100 million ($125 million USD) in investments to date from L Catterton, White Star Capital, Five Seasons Ventures, Passion Capital, Literacy Capital, Claret Capital and HSBC.

“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 United Kingdom and Europe and has built a loyal following among pets and humans alike,” said Howard Steyn, partner at L Catterton. “While we have long had conviction in the UK fresh category after investing behind this concept in the United States, 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.”

Butternut Box plans to use this latest investment to build upon its momentum and accelerate its leading position in the fresh pet food category throughout Europe. The company will establish a new manufacturing facility, which will represent the second of its kind for Butternut Box and will provide it complete visibility and control over its emissions. The company currently operates a fully integrated manufacturing and fulfillment facility, called Rudie’s Kitchen, which opened in March 2021.

“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,” said Melis Kahya Akar, managing director and head of consumer for EMEA (Europe, the Middle East and Africa) 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 utilizing our pet expertise and technology capabilities to support the company through its next chapter of growth.”

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