Butternut Box secures £64 million debt funding to scale operations

British-headquartered Butternut Box has secured debt financing of at least £64 million ($86M/€76M) from private credit firm Liquidity in a bid to solidify its strong market position in Europe.

“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,” Co-Founder Kevin Glynn states.

The new financing will facilitate expanding production capabilities and increasing the brand’s reach, including the development of a second manufacturing facility in Poland.

Market presence 

The firm operates a subscription-based model, delivering human-grade pet food directly to thousands of consumers across the UK, Ireland, the Netherlands, Belgium, Germany and Poland. 

It has plans to expand into other markets and is also feeding cats under its Marro brand, launched in 2024.

It also sells its products in selected Pets at Home stores in the UK and states that it is working with the pet retailer on a gradual rollout to more locations.

Growing business

Butternut Box is the trading name of Dogmates, which reported £126.7 million ($161.1M/€153.6M) in revenue in 2023, marking an 82% increase from the previous year, although it operated at a loss, which was down from 2022.

The company was founded in 2016 by friends David Nolan and Kevin Glynn and has received several rounds of investment, including £280 million ($351M/€‎327M) led by private equity firm General Atlantic and existing investor L Catterton in 2023.

Also, in that year, it acquired the Polish pet food brand PsiBufet, and in 2024, it announced plans to add a new production site in the country.