Butternut Box raised £280M ($354M) from General Atlantic and L Catterton for dog food

London-based subscription service preparing and shipping healthy dog food, snacks and supplements

Healthy, human-quality fresh dog meals sold by subscription can grow across more European markets with large later-stage capital

£280M ($354M) round from General Atlantic and L Catterton, after a little over $110M raised across earlier rounds

Butternut Box was founded in London in 2016. It makes dog-friendly meals with the promise of human-quality ingredients tested and tasted by real people, plus snacks and supplements, delivered regularly.

By 2023 it served the UK, Ireland, the Netherlands, Poland and Belgium. TechCrunch noted the broader pet food market was pegged at $100B in 2022 with dog food over 40%, and that as many as 65% of UK dogs may be overweight. The round, said to be unusually large for the market, was announced after an early Sky News report.

Butternut Box said it expected the funding to close that quarter, subject to customary regulatory conditions, and it planned to expand further into Europe.

The pet food market was about $100B in 2022, with dog food over 40%

An estimated 65% of UK dogs are overweight, creating demand for healthier meals

Subscription delivery brings regular repeat purchases

General Atlantic and L Catterton supplied later-stage capital rare in 2023

A round of this size for a subscription pet food firm shows investors still funding scale in pet, but the money had not yet closed at announcement.

As of 2023-09-04 the £280M round was announced but not yet closed, pending regulatory conditions. TechCrunch did not report valuation or revenue.