Butternut Box, a gourmet dog food subscription box startup, has released company filings which indicate they’ve raised £8m in an equity fundraising. As regular readers of our blog know, at Beauhurst, we track any equity investment in high-growth companies, including those that never make the press. This is one such example of an unannounced deal.
Our Data team’s calculations of Companies House filings show that this results in a pre-money valuation of almost £25m. Whilst these filings aren’t always completed correctly, the ones in question are in line with Butternut Box’s previous investment history, showing the company has almost tripled in value since February this year.
Note: Beauhurst reached out to Butternut Box who declined to comment at this stage.
Who made the investment? Their first publicly announced investor was Passion Capital, the VC firm run by Eileen Burbidge, one of London’s best known venture capitalists. Passion have previously backed startups such as Monzo, Adzuna, and Nested. In February they were backed by Literacy Capital and White Star Capital.
Founded by two former Goldman Sachs workers, Butternut Box offers a subscription box type service. However, instead of offering recipe options, like Gousto, or vegan ready meals, like AllPlant, Butternut Box offers freshly cooked, natural and healthy (according to their website) dog food. Their growth suggests that consumers are starting to think more carefully about the health and nutrition of their pets, as well as their own health. Whilst their product is clearly luxury, their growth in value suggests they are acquiring customers at an impressive rate.
This funding round follows shortly after the recent fundraising by Huel, a similar company that offers a subscription service for a diet replacement shake. The subscription box food delivery sector is growing rapidly.
*Disclaimer: Butternut Box shares significant shareholders with Beauhurst.
