Butternut Box, a U.Ok.-based startup that prepares and ships wholesome meals and dietary supplements for canines, is raising £280 million ($354 million) in a spherical of funding from Common Atlantic and L Catterton.
Based out of London in 2016, Butternut Field serves a handful of European markets with myriad culinary products spanning the meat and vegetable fray, with the promise of “human-quality” elements examined and tasted by actual individuals.
Before now, Butternut Field had raised a bit of over $110 million in funding throughout a number of rounds, however its newest money injection stands out in a world of enterprise capital seemingly averse to something past smaller early-stage investments. This, maybe, is testomony to the enduring and strong marketplace for all-things pet.
Certainly, the broader pet meals market was pegged as a $100 billion market in 2022, with canine chow representing greater than 40% of that phase. The issue, nevertheless, is that as many as 65% of canines within the U.Ok. alone are estimated to be chubby. And for this reason the parents at Butternut Field cook dinner and put together varied dog-friendly meals, along with health-focused snacks and dietary supplements, and permits the dog-owner to pick their items for supply as a part of an everyday subscription.
Thus far, Butternut Field has served the U.Ok., Eire, Netherlands, Poland, and Belgium, however with one other £280 million in its coffers, the corporate says that it’s now seeking to develop additional into Europe.
It appears, nevertheless, that the transaction continues to be within the midst of closing, with the corporate noting that it’s “topic to customary regulatory circumstances.” In all probability, the announcement was hurried considerably by an early report from Sky Information that emerged immediately.
Butternut Field stated that it expects to shut the funding a while this quarter.