Recent dogfood supplier Butternut Box has urge for food for £500m valuation

Butternut Box, Europe’s largest recent dogfood supplier by revenues, has been valued at nicely over £500m in a funding spherical that can defy troublesome financing markets for growth-stage firms.

Sky News has learnt that Butternut Box, which launched in 2016, has raised greater than £275m from traders led by General Atlantic, the personal fairness agency which can be a backer of firms equivalent to Gymshark.

L Catterton, an present investor within the dogfood model, additionally participated within the spherical, the announcement of which can be introduced ahead to in a while Monday, based on insiders.

The £500m-plus pre-money valuation implies that Butternut Box is now getting ready to unicorn standing, relying upon how a lot of the £275m is within the type of new shares.

Butternut Box was launched by David Nolan and Kevin Glynn after the previous determined to feed home-cooked meals to his sick rescue canine, Rudie.

The firm has expanded quickly throughout Europe, together with by means of the acquisition in Poland of PsiBufet earlier this 12 months.

It had beforehand raised greater than £100m in funding from traders together with Claret Capital, Passion Capital, Whitestar Capital and HSBC.

Butternut Box, which achieved B-Corp standing final 12 months, plans to make use of the brand new funding to determine a brand new manufacturing facility, based on an business supply.

The funding financial institution Harris Williams suggested Butternut Box on the fundraising.

The financing spherical has been finalised whilst many development and know-how firms battle to safe new funding to remain afloat, with many additionally having to just accept considerably diminished valuations.

Butternut Box didn’t reply to requests for remark.