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- Butternut Box
Butternut Box Revenue, Valuation, Funding & Investors
Butternut Box is valued at $952M as of September 2023, a 5.9x multiple on its last reported $161M revenue.
Last Butternut Box valuation
$952M
Undisclosed stage · Sep 2023
Last Butternut Box funding round
$342M
Undisclosed stage · Sep 2023
Butternut Box revenue
$161M
Undisclosed stage · Sep 2023
Key investors in Butternut Box
White Star Capital
Passion Capital
L Catterton
Five Seasons Ventures
Literacy Capital
General Atlantic
About Butternut Box
Butternut Box is a UK subscription service delivering fresh, human-grade dog food tailored to individual pets. London-based and founded in 2016, it produces vet-approved recipes from British farms, serving 100,000 dogs monthly. Meals accommodate allergies, sizes, and life stages, with recyclable packaging and carbon-neutral delivery. The company raised £27 million in 2022, expanding to nationwide next-day service.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$161M (Sep 2023)
Valuation
$952M (Sep 2023)
Butternut Box Valuation
Butternut Box is currently valued at $952M, based on its undisclosed-stage round in September 2023.
The $342M round was led by General Atlantic, with participation from L Catterton.
Butternut Box's valuation has grown 1.1x from $830M at its Series B in April 2019 to $952M in September 2023, across 2 priced rounds.
Butternut Box valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2023 | Undisclosed stage | $952M | 5.9x |
| Apr 2019 | Series B | $830M | 4.9x |
Butternut Box Revenue
Butternut Box's latest recorded revenue is $161M, as of its undisclosed-stage round in September 2023. At a $952M valuation, that implies a 5.9x revenue multiple.
Revenue moved from $169M in April 2019 to $161M in September 2023, while the revenue multiple moved from 4.9x to 5.9x.
Butternut Box revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2023 | $161M | $952M | 5.9x | Undisclosed stage |
| Apr 2019 | $169M | $830M | 4.9x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Butternut Box Funding History
Butternut Box has raised a total of $455M across 7 funding rounds.
Butternut Box's first fundraising round was a $300K angel round in September 2016. The most recent completed round was a $342M undisclosed-stage round in September 2023.
Butternut Box funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2023 | Undisclosed stage | General Atlantic (lead); L Catterton | $342M | $952M | Butternut Box is a UK-based direct-to-consumer fresh dog food company founded in 2016, known for its subscription model delivering human-quality ingredients to dogs across Europe. The company operates in the United Kingdom, Ireland, Netherlands, Belgium, and Poland, positioning itself as Europe's largest fresh dog food brand with a tech-driven approach comparable to HelloFresh for pets. In September 2023, Butternut Box announced a £280 million funding round led by General Atlantic with participation from existing investor L Catterton. The transaction closed on October 5, 2023, valuing the company at £500 million pre-money, bringing it close to unicorn status. Prior to this round, Butternut Box had raised over £100 million from investors including White Star Capital, Five Seasons Ventures, Passion Capital, Literacy Capital, Claret Capital, and HSBC. The company planned to use the £280 million to accelerate expansion across Europe, develop new manufacturing infrastructure including a facility in Poland, and strengthen its position in the fresh pet food category. In 2024, Butternut Box secured an additional £64 million in debt financing from Liquidity Group to fund the construction of a second manufacturing facility and further expansion into Central and Eastern Europe, bringing total funding to over £380 million. |
| Aug 2021 | Series D | L Catterton (lead); White Star Capital; Passion Capital; Five Seasons Ventures | $55M | - | Butternut Box is a London-based direct-to-consumer fresh dog food company founded in 2016 by Goldman Sachs alumni Kevin Glynn and David Nolan. The company uses a proprietary algorithm to identify caloric needs for individual dogs based on age, weight, breed, activity levels, and body condition, then pre-portions natural, human-grade food into daily servings. The company operates across the UK and Europe, competing in the growing premium pet food market against brands like Lily's Kitchen, Tails.com, and Natural Instinct. In August 2021, Butternut Box raised £40 million in primary capital in a round led by L Catterton, the largest global consumer-focused private equity firm, with participation from existing investors White Star Capital, Five Seasons Ventures, and Passion Capital. The company stated it would use the funds to enhance operations and accelerate growth across existing and new channels, products, and markets. The founders emphasized the round enabled them to care for more dogs and accelerate efforts in customer experience, manufacturing, new products, and market expansion. |
| Feb 2020 | Series C | L Catterton (lead); White Star Capital; Five Seasons Ventures | $30M | - | Butternut Box is a UK-based company founded in 2016 that provides human-grade, freshly cooked dog food delivered directly to consumers, positioning itself as Europe's leading fresh dog food brand through personalized dietary plans and a digital platform. The company announced a significant strategic investment from L Catterton Europe on February 13, 2020, with participation from existing investors including White Star Capital and Five Seasons Ventures, aimed at accelerating growth in supply chain, manufacturing, marketing, and new product offerings like treats, supplements, toys, and accessories. By that time, Butternut Box had produced over 20 million fresh meals for dogs across the UK and established itself as the largest fresh dog food manufacturer in Europe. L Catterton Europe, described as the largest global consumer-focused private equity firm, partnered with Butternut Box's management to leverage its expertise in pet food brands, customer insights, and operational excellence to expand the company's reach amid rising pet ownership trends. The investment supported operational enhancements and diversification into new channels, building on Butternut Box's strong UK customer base developed through innovative digital engagement and high-quality products. Advisors like Houlihan Lokey facilitated the transaction, which closed around February 12, 2020. No specific amount was disclosed for the 2020 round in the primary press releases, though later investments included a £280 million raise from General Atlantic and L Catterton in 2023 and other subsequent funding. The 2020 deal marked L Catterton's entry into the company's cap table alongside early backers like Passion Capital and Literacy Capital, setting the stage for Butternut Box's expansion across Europe. |
| Apr 2019 | Series B | Five Seasons Ventures (lead); White Star Capital (lead); Kreos Capital; Passion Capital; Literacy Capital | $20M | $830M | Butternut Box is a London-based fresh dog food delivery company founded in 2016 by Kevin Glynn and David Nolan, offering personalized, human-grade meals cooked with fresh ingredients, portioned by dog's breed, weight, sex, and exercise regime, and delivered directly to UK customers. The company raised £15 million (~$19.6M USD / €17.4M) on April 26, 2019, led by Five Seasons Ventures and White Star Capital, with participation from existing investors Passion Capital and Literacy Capital, plus debt from Kreos Capital. Funds were allocated to European expansion, new product development including dishes, snacks, and toys, and building a leading pet wellness business. Former SkyBet CEO Richard Flint joined the board post-investment. This 2019 round built on White Star Capital's early 2018 investment, positioning Butternut Box for scale akin to Freshly and Dollar Shave Club, amid trends in pet humanization and natural food demand. The investment accelerated growth, leading to subsequent raises including £40M led by L Catterton in 2020 and a £280M deal at £500M valuation with General Atlantic and L-Catterton years later, enabling factory expansions and entry into 5 countries. |
| Feb 2018 | Series A | Literacy Capital (lead); White Star Capital (lead); Passion Capital | $7M | - | Butternut Box is a London-based company delivering healthy, fresh dog food via subscription, founded in 2016 by Kevin Glynn and David Nolan. It provides pre-portioned meals tailored to each dog's breed, weight, sex, and exercise regime, addressing the need for convenient, nutritious pet food amid trends in pet humanization. The company had produced over 8 million meals by 2019 and positioned itself against traditional offline dog food brands. In February 2018, Butternut Box raised approximately $7 million (or £6.5 million) in an early-stage round with investors including Literacy Capital, Passion Capital, and White Star Capital, listed as a Series A by some sources. Literacy Capital invested in January 2018, marking their entry into the fast-growing pet food subscription business. This round preceded later expansions, including a 2019 €17.4 million raise led by Five Seasons Ventures and White Star Capital with participation from existing backers Passion Capital and Literacy Capital to enter Europe. The 2018 investors achieved significant returns later, with Literacy Capital reporting a 10.2x return on cost upon exiting via a 2023 £280 million round led by General Atlantic and L Catterton, and overall MOIC of 23.7x noted for the 2018 investment. Butternut Box continued growth, securing £64 million in debt financing in 2025 for expansion. |
| Jul 2017 | Seed | Passion Capital (lead) | $1M | - | - |
| Sep 2016 | Angel | - | $300K | - | - |
Who has invested in Butternut Box?
7 investors have backed Butternut Box across its funding rounds, including White Star Capital, Passion Capital, L Catterton, Five Seasons Ventures, Literacy Capital and General Atlantic.
Lead investors include General Atlantic, L Catterton, Five Seasons Ventures, White Star Capital, Literacy Capital and 1 other investor.
Butternut Box Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Feb 2018 | ||
| 4 | Lead | Jul 2017 | ||
| 3 | Lead | Feb 2020 | ||
| 3 | Lead | Apr 2019 | ||
| 2 | Lead | Feb 2018 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Butternut Box
Butternut Box has acquired 1 company to date.
Last acquisition by Butternut Box was on April 20th 2023. Butternut Box acquired PsiBufet for undisclosed valuation.
Latest Acquisitions by Butternut Box
| Description | PsiBufet is a Warsaw-based producer of fresh, human-grade dog food using steamed meats, vegetables, and added vitamins. The company offers subscription-based meals tailored for puppies, adults, and seniors, with recipes like beef with carrots and turkey with pumpkin. PsiBufet sources ingredients from Polish farms, delivering vacuum-sealed portions nationwide through its online platform. |
| HQ Country | |
| HQ City | Warsaw |
| Deal Date | 20 Apr 2023 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Butternut Box acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Butternut Box
Butternut Box has invested in 1 company to date.
Latest investment by Butternut Box was on March 18th 2021. Butternut Box invested in PsiBufet in their $1M Seed round.
Latest Investments by Butternut Box
| Description | PsiBufet is a Warsaw-based producer of fresh, human-grade dog food using steamed meats, vegetables, and added vitamins. The company offers subscription-based meals tailored for puppies, adults, and seniors, with recipes like beef with carrots and turkey with pumpkin. PsiBufet sources ingredients from Polish farms, delivering vacuum-sealed portions nationwide through its online platform. |
| HQ Country | |
| HQ City | Warsaw |
| Deal Date | 18 Mar 2021 |
| Round | Seed |
| Raised | $1M |
| Investors | Karol Milewski; Amadeusz Król; Kogito Ventures; Chris Guzowski |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Butternut Box investments and their VC round multiples. Start Free Trial | |
Butternut Box Competitors
Butternut Box competitors include listed companies like Pet Valu and Petco, and private ones like Pet Circle, Embark, Wag and Drools.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $269M | - | $1B | 3.7x | ||
| Publicly listed | $842M | $170M | $858M | 1.7x | ||
| Private | - | - | $700M | - | ||
| Publicly listed | $6B | $317M | $687M | 0.5x | ||
| Private | $61M | - | $650M | 10.7x | ||
| Private | $100M | - | $600M | 6.0x |
Butternut Box Public Comps
Butternut Box is still privately-owned, but its public comps include Vetoquinol, Pet Valu, CVS Group, Petco, Grupo Petz Cobasi, Oil-Dri Corp of America, i-Tail, BARK, PetMeds and Dogness.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $605M | $127M | 1.3x | 1.3x | 5.9x | 5.9x | |||
| $842M | $170M | 1.7x | 1.7x | 8.4x | 7.8x | |||
| $904M | $152M | 1.7x | 1.6x | 10.0x | 8.0x | |||
| $6B | $317M | 0.5x | 0.5x | 10.2x | 7.7x | |||
| $686M | $58M | 1.5x | 0.8x | 17.2x | 5.3x | |||
| $486M | $90M | 2.6x | - | 14.0x | - | |||
| $547M | $112M | 2.3x | 2.0x | 11.1x | 10.1x | |||
| $395M | ($30M) | 0.3x | 0.3x | (3.4x) | 26.5x | |||
This data is available for Pro users. Sign up to see all Butternut Box competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Butternut Box
| When was Butternut Box founded? | Butternut Box was founded in 2016. |
| Where is Butternut Box headquartered? | Butternut Box is headquartered in London, United Kingdom. |
| Is Butternut Box publicly listed? | No, Butternut Box is a private, VC-backed company. |
| What is Butternut Box's valuation? | Butternut Box was last valued at $952M in its undisclosed-stage round in September 2023. |
| How much funding has Butternut Box raised? | Butternut Box has raised $455M across 7 funding rounds. |
| What was Butternut Box's last funding round? | Butternut Box's last funding round was a $342M undisclosed-stage round in September 2023, led by General Atlantic. |
| Who are Butternut Box's investors? | Butternut Box's investors include White Star Capital, Passion Capital, L Catterton, Five Seasons Ventures, Literacy Capital, Kreos Capital and General Atlantic. |
| What is Butternut Box's revenue? | Butternut Box's latest recorded revenue is $161M (September 2023). |
| What is Butternut Box's revenue multiple? | Butternut Box's latest valuation implies a 5.9x revenue multiple ($952M valuation on $161M of revenue). |
| Which companies are comparable to Butternut Box? | Companies comparable to Butternut Box include Pet Circle, Pet Valu, Embark, Petco, Wag and Drools. |
| How many companies has Butternut Box acquired? | Butternut Box has acquired 1 company, including PsiBufet. |
| How many companies has Butternut Box invested in? | Butternut Box has invested in 1 company, including PsiBufet. |
| What was Butternut Box's last investment? | In March 2021, Butternut Box invested in PsiBufet's $1M seed round alongside Karol Milewski, Amadeusz Król, Kogito Ventures and 1 other investor. |
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