Butternut Field, Europe’s largest latest dogfood provider by revenues, has been valued at properly over £500m in a funding spherical that may defy troublesome financing markets for growth-stage firms.
Sky Information has learnt that Butternut Field, which launched in 2016, has raised larger than £275m from patrons led by Normal Atlantic, the private equity company which is usually a backer of firms equal to Gymshark.
L Catterton, an present investor throughout the dogfood mannequin, moreover participated throughout the spherical, the announcement of which is able to probably be launched forward to afterward Monday, consistent with insiders.
The £500m-plus pre-money valuation implies that Butternut Field is now on the purpose of unicorn standing, relying upon how plenty of the £275m is inside the kind of new shares.
Butternut Field was launched by David Nolan and Kevin Glynn after the earlier decided to feed home-cooked meals to his sick rescue canine, Rudie.
The agency has expanded rapidly all through Europe, along with by the acquisition in Poland of PsiBufet earlier this yr.
It had beforehand raised larger than £100m in funding from patrons along with Claret Capital, Ardour Capital, Whitestar Capital and HSBC.
Butternut Field, which achieved B-Corp standing ultimate yr, plans to utilize the model new funding to find out a model new manufacturing facility, consistent with an enterprise provide.
The funding monetary establishment Harris Williams instructed Butternut Field on the fundraising.
The financing spherical has been finalised while many progress and know-how firms wrestle to protected new funding to stay afloat, with many moreover having to easily settle for significantly diminished valuations.
Butternut Field didn’t reply to requests for comment.
Supply: info.sky.com”
