London-based Butternut Box raises more than €75 million euros to expand its fresh dog food offering

British startup Butternut Box, an innovator in fresh dog food, today announced the successful completion of a debt financing of €75 million+ from Liquidity.

This new funding will enable Butternut Box to solidify its market position in Europe with the development of a second manufacturing facility in Poland, furthering its mission to deliver health and happiness to dogs everywhere through the benefits of fresh meals.

“Our mission has always been to get more dogs eating the fresh food they deserve,” said Kevin Glynn, Co-founder of Butternut Box. “Partnering with Liquidity will help us continue that mission by ensuring we are well positioned to support our existing markets, whilst helping to deliver health and happiness to even more dogs across Europe.”

Founded in 2016 by Kevin Glynn and David Nolan, Butternut’s mission is to deliver health and happiness to “dogs and their humans all over the world“. The two started the company after seeing the benefits that home-cooked food had on Nolan’s rescue dog, Rudie.

All meals are reportedly made with human-quality meat and vegetables, gently cooked to create simple, tasty and complete meals, and created with the right balance of vitamins and minerals for dogs of every age.

Committed to changing the dog world for good, Butternut Box is one of only a handful of B Corp pet food brands in the UK, and only two in the manufacturing space. For every new dog that signs up, Butternut Box donates a meal to a dog in need.

Butternut Box operates across the UK, Ireland, the Netherlands, Belgium, Germany and Poland, with further expansion plans underway. In 2024, the company also began feeding cats, with the launch of a Fresh cat food brand in Marro. Since inception, Butternut Box has raised over €451 million, having most recently received a €332 million investment from General Atlantic and L Catterton.

The partnership with Butternut Box marks Liquidity’s 10th significant transaction in Europe over the past 12 months, as part of an expansive portfolio of opportunities the firm is currently identifying across the region.

“Butternut Box has established itself as a fresh pet food leader through an unwavering commitment to quality, innovation, and growth,” said Ron Daniel, Co-founder & CEO of Liquidity. “Liquidity is the ideal partner for late-stage startups needing fast, flexible and non-dilutive access to capital. As such, we’re proud to support Butternut Box as they increase market share by expanding manufacturing capacity in EMEA in support of continued growth.”

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