π₯π¬π§ Breaking News: Butternut Box exited at Β£500m valuation. π¬π§π₯
Every dog has its day! πΆ
Butternut Box closed a Β£280m deal with General Atlantic and L-Catterton at a Β£500m valuation.
Β
We first invested in Butternut Box in the Autumn of 2018 when the dog-food business was operating off a small artisanal kitchen in West London, servicing 5,000 dogs on an ARR of less than Β£5m. Over the past 5 years, we have given our support to founders and management in the development of the business through 2 scaled-up production factories, international growth to 5 countries, feeding hundreds of thousands of happy dogs and making Butternut Box the undisputed champion of the new category of fresh dog food in Europe. Β πΎπͺπΊ
The company is entering a new phase of growth requiring a significant investment to open a new bespoke production facility Europe; we believe our fundβs role terminates here and we hand the baton to specialised later-stage investors.
We want to send a massive THANK YOU to Kevin and Dave, and the rest of the management team for the incredible journey, and wish them and the new Board equal success for the next phase of growth. π
After the success of Just Spices and yfood, this third exit proves our team's ability in sourcing, investing and supporting the best Food Tech entrepreneurs in Europe. π«
ππΌ Read more here.
Super congrats to the FSV team! Well deserved after many a dog day afternoon!