Butternut Box Fetches £64M+ to Build Second Facility and Accelerate Expansion

Butternut Box

Fresh pet food startup Butternut Box has raised over £64 million in debt financing from Liquidity Group, fueling its expansion into Central and Eastern Europe with the construction of a second manufacturing facility in Poland. The funding marks another milestone in the company’s mission to bring high-quality, human-grade meals to pets across the continent—and could be the final push it needs to join Europe’s next crop of consumer tech unicorns.

Since launching in 2016, the UK-based company has redefined pet nutrition by delivering gently cooked, personalized meals via subscription directly to pet parents’ doors. Today, Butternut Box serves hundreds of thousands of dogs in six European markets, including the UK, Ireland, Netherlands, Belgium, Germany, and Poland. Earlier this year, it also expanded into feline territory with Marro, its fresh cat food brand.

The new facility in Poland—Butternut Box’s second after its flagship “Dogology Park” in Doncaster—will significantly expand production capacity while reducing delivery times and carbon emissions across Europe. “This partnership with Liquidity helps us strengthen our infrastructure without giving up equity,” said Kevin Glynn, co-founder of Butternut Box. “It ensures we’re ready to support current growth while opening the door to new markets.”

The capital infusion is part of a broader financing strategy: the company secured £280 million in equity investment in 2023 from global investors General Atlantic and  L Catterton, bringing total funding to over £380 million. The latest round, however, signals a tactical shift—non-dilutive, fast-moving growth capital for infrastructure-heavy scaling, increasingly popular among late-stage startups.

Subscription Pet Food on the Rise

The investment comes as the global market for pet dog subscription boxes surges, projected to grow from $416.8 million in 2023 to $903.5 million by 2032, according to Astute Analytica. As pet owners demand healthier, more transparent food and seamless delivery experiences, the subscription model has become a defining force in premium pet care.

Butternut Box is not alone in leading this shift. In France, Reglo (formerly Japhy) has built a loyal following through its data-driven subscription platform, offering tailored dry and wet food with a strong eco-conscious identity. In the Nordics, Buddy Pet Foods is carving out a niche with oven-baked natural recipes and is expanding aggressively across digital channels. These players, like Butternut Box, combine personalization, tech integration, and sustainability messaging to drive retention in a market increasingly shaped by millennial and Gen Z pet parents.

What sets Butternut Box apart is its end-to-end vertical integration—owning sourcing, production, and delivery—allowing unmatched control over product quality, customer experience, and margins. This operational moat has made it a standout in a crowded field and positions it as one of the most viable unicorn candidates in the European pet tech sector.

A Pet Platform Built to Last

Liquidity’s backing marks its tenth European transaction in the past 12 months. “Butternut Box exemplifies what we look for—scalable infrastructure, recurring revenue, and a team that executes,” said Ron Daniel, co-founder and CEO of Liquidity Group.

This financing not only solidifies Butternut Box’s operational capacity but also signals growing confidence in subscription-based pet platforms that offer health, convenience, and long-term customer value. The rise of digital-first pet care—combined with consumers’ increasing humanization of their animals—is creating fertile ground for brands that can deliver on trust, traceability, and tailored nutrition.

As it edges closer to unicorn territory, Butternut Box is doing more than delivering meals. It’s building one of Europe’s most dynamic and scalable pet wellness ecosystems—one box, bowl, and bark at a time.