A dog food startup just raised $350M.

Durwin Ho
3 min readNov 23, 2023
UK-based fresh dog food company Butternut Box closed its latest funding round, raising £280 million ($349.9 million USD).

You’ve probably heard of startups raising millions for everything from dog-walking apps to crypto coins based on internet memes.

But what if I told you that a dog food startup just secured $350 million in funding?

Yep.

Butternut Box, a U.K.-based company, just exploded in the pet food industry.

What Is Butternut Box?

Butternut Box is a dog food company.

Founded in 2016, this innovative startup prepares and delivers healthy food and supplements for dogs.

What sets them apart is their promise of “human-quality” ingredients that are rigorously tested and even taste-tested by real people.

It’s like gourmet dining for your furry best friend.

For it to raise so much, the market has to be gargantuan.

Gourmet food for your pets. How much are you willing to pay?

In 2022, it was valued at a staggering $100 billion.

And guess what?

Canine cuisine accounted for over 40% of that sum.

But here’s the twist: up to 65% of dogs in the U.K. are estimated to be overweight.

Ya, pet obesity is a real thing.

Owners won’t fix their obesity, but they sure will pay to fix their pet’s obesity.

Butternut Box has a solution.

They craft a variety of dog-friendly meals, along with health-focused snacks and supplements.

Pet owners can conveniently select their pet’s delicacies through a subscription service.

Founded in 2016 by David Nolan and Kevin Glynn, Butternut Box is the first-to-market and leading fresh pet food brand in the U.K., born out of the desire to put the food back into dog food.

It’s an approach that caters to the discerning canine palate while addressing a growing health concern.

Is it truly novel?

Not quite.

But they seem to be able to execute and run operation well over the years.

Butternut Box isn’t stopping at the U.K. and a few other European markets.

They’re eyeing further expansion into Europe.

Butternut Box had already raised over $110 million in previous funding rounds, which is no small feat.

But their recent cash infusion of $350 million is a clear sign that investors see something special in this pet food startup.

What exactly does investors see in this?

Scaling up into a global juggernaut is a whole different animal.

And the resources needed is immense.

Pets are a huge part of people’s life, and they are willing to spend a lot on them.

Look at Uber, WeWork and Grab.

After billions raised and decades, they are still fighting for market share and trying to scale the machinery.

So, the million-dollar (or should I say $350 million) question is:

Would you invest in Butternut Box?

Seems like an idea that every Startup Weekend or hackathon would have.

I’m just surprised I have never heard of it before.

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Are you surprised a dog food startup raised $350M?

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#StartupSuccess #PetFoodRevolution #ButternutBox #DogFoodStartup #InvestmentInsights #Sustainability #BusinessStrategy #VentureCapital #PetLovers #LongTermGrowth #CryptoEconomy #FundingFrenzy #FoodForThought

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Durwin Ho

CEO of StartupX | Web3.0, Crypto, DeFi, NFT Enthusiast |HyperX Sustainability Hackcelerator | Startup Weekend Singapore.