Butternut Box valuation, funding and investors
Butternut Box works in pet food product manufacturing, based in Berlin, Germany. Founded in 2016, it has about 571 employees.
Berlin Debt
VALUATION · TODAY
$2.29B −4% after Growth
Range $513M – $4.84B · Grade DTODAY
+12 MO
$1.00B
$2.00B
$3.00B
$4.00B
$5.00B
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
Seed $1.30M
Series B $19.4M
Growth $55.4M
Growth $354M
ValuationBefore first round12-month outlook: where it points, how wide it fansHover the past: the outlook shows what was predicted then
HEADCOUNT · TODAY571 employees
+9%6m growth
+16%1y growth
+43%2y growth
250
500
750
Data from Jan 2021
Predicted in 1 yr $2.18B −4% vs today
Predicted next raise $337M if a round comes
Winding-down probability 0%
- Last round
- Growth · $354M · Sep 2023
- Valuation at last round
- $2.77B · implied
- Headcount
- 571 · up
- Grade
- D
- Founded
- 2016
Butternut Box valuation today
VCMC values Butternut Box at $2.3B today, with a range of $513M to $4.8B and a grade of D. The valuation starts from its last funding round, a growth round in Sep 2023.
Valuation by date (135 rows)
Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.
| Date | Valuation | Range | Predicted in 1 yr | Phase | Headcount | Trend | Grade | Winding-down probability |
|---|---|---|---|---|---|---|---|---|
| 1 Jan 2016 | $3.37M | $1.23M – $9.24M | $4.03M (+20%) | before first round | – | unknown | D | 0% |
| 1 Feb 2016 | $3.38M | $1.23M – $9.28M | $4.14M (+23%) | before first round | – | unknown | D | 0% |
| 1 Mar 2016 | $3.39M | $1.23M – $9.31M | $4.25M (+25%) | before first round | – | unknown | D | 0% |
| 1 Apr 2016 | $3.40M | $1.24M – $9.35M | $4.36M (+28%) | before first round | – | unknown | D | 0% |
| 1 May 2016 | $3.42M | $1.24M – $9.39M | $4.48M (+31%) | before first round | – | unknown | D | 0% |
| 1 Jun 2016 | $3.43M | $1.25M – $9.43M | $4.60M (+34%) | before first round | – | unknown | D | 0% |
| 1 Jul 2016 | $3.44M | $1.25M – $9.46M | $4.72M (+37%) | before first round | – | unknown | D | 0% |
| 1 Aug 2016 | $3.54M | $1.29M – $9.71M | $4.85M (+37%) | before first round | – | unknown | D | 0% |
| 1 Sep 2016 | $3.63M | $1.32M – $9.98M | $4.98M (+37%) | before first round | – | unknown | D | 0% |
| 1 Oct 2016 | $3.73M | $1.36M – $10.2M | $5.11M (+37%) | before first round | – | unknown | D | 0% |
| 1 Nov 2016 | $3.83M | $1.39M – $10.5M | $5.25M (+37%) | before first round | – | unknown | D | 0% |
| 1 Dec 2016 | $3.93M | $1.43M – $10.8M | $5.39M (+37%) | before first round | – | unknown | D | 0% |
| 1 Jan 2017 | $4.03M | $1.47M – $11.1M | $5.53M (+37%) | before first round | – | unknown | D | 0% |
| 1 Feb 2017 | $4.14M | $1.51M – $11.4M | $5.68M (+37%) | before first round | – | unknown | D | 0% |
| 1 Mar 2017 | $4.24M | $1.55M – $11.7M | $5.82M (+37%) | before first round | – | unknown | D | 0% |
| 1 Apr 2017 | $4.36M | $1.59M – $12.0M | $5.98M (+37%) | before first round | – | unknown | D | 0% |
| 1 May 2017 | $4.47M | $1.63M – $12.3M | $6.13M (+37%) | before first round | – | unknown | D | 0% |
| 1 Jun 2017 | $4.60M | $1.67M – $12.6M | $6.30M (+37%) | before first round | – | unknown | D | 0% |
| 1 Jul 2017 | $4.72M | $1.72M – $13.0M | $6.47M (+37%) | before first round | – | unknown | D | 0% |
| 22 Jul 2017 | $4.77M | $3.13M – $14.5M | $9.53M (+100%) | after a round | – | unknown | C | 0% |
| 1 Aug 2017 | $4.86M | $3.13M – $14.5M | $9.53M (+96%) | after a round | – | unknown | C | 0% |
| 1 Sep 2017 | $5.16M | $3.13M – $14.5M | $9.53M (+85%) | after a round | – | unknown | C | 0% |
| 1 Oct 2017 | $5.46M | $3.13M – $14.5M | $9.53M (+74%) | after a round | – | unknown | C | 0% |
| 1 Nov 2017 | $5.79M | $3.13M – $14.5M | $9.53M (+64%) | after a round | – | unknown | C | 0% |
| 1 Dec 2017 | $6.13M | $3.13M – $14.5M | $9.53M (+55%) | after a round | – | unknown | C | 0% |
| 1 Jan 2018 | $6.50M | $3.13M – $14.5M | $9.53M (+47%) | after a round | – | unknown | C | 0% |
| 1 Feb 2018 | $6.90M | $3.13M – $14.5M | $9.53M (+38%) | after a round | – | unknown | C | 0% |
| 1 Mar 2018 | $7.27M | $3.13M – $14.5M | $9.53M (+31%) | after a round | – | unknown | C | 0% |
| 1 Apr 2018 | $7.71M | $3.13M – $14.5M | $9.53M (+24%) | after a round | – | unknown | C | 0% |
| 1 May 2018 | $8.17M | $3.13M – $14.5M | $9.53M (+17%) | after a round | – | unknown | C | 0% |
| 1 Jun 2018 | $8.66M | $3.13M – $14.5M | $9.53M (+10%) | after a round | – | unknown | C | 0% |
| 1 Jul 2018 | $9.17M | $3.13M – $14.5M | $9.53M (+4%) | after a round | – | unknown | C | 0% |
| 1 Aug 2018 | $9.53M | $3.07M – $14.5M | $9.53M (0%) | after a round | – | unknown | C | 0% |
| 1 Sep 2018 | $9.53M | $2.92M – $14.5M | $9.53M (0%) | after a round | – | unknown | C | 0% |
| 1 Oct 2018 | $9.53M | $2.78M – $14.5M | $9.53M (0%) | after a round | – | unknown | C | 0% |
| 1 Nov 2018 | $9.53M | $2.64M – $14.5M | $9.53M (0%) | after a round | – | unknown | C | 0% |
| 1 Dec 2018 | $9.53M | $2.52M – $14.5M | $9.53M (0%) | after a round | – | unknown | C | 0% |
| 1 Jan 2019 | $9.53M | $2.39M – $14.5M | $9.53M (0%) | after a round | – | unknown | C | 0% |
| 1 Feb 2019 | $9.53M | $2.27M – $14.5M | $9.53M (0%) | after a round | – | unknown | C | 0% |
| 1 Mar 2019 | $9.53M | $2.17M – $14.5M | $9.53M (0%) | after a round | – | unknown | C | 0% |
| 1 Apr 2019 | $9.53M | $2.06M – $14.5M | $9.53M (0%) | after a round | – | unknown | C | 0% |
| 27 Apr 2019 | $78.7M | $55.4M – $167M | $118M (+50%) | after a round | – | unknown | B | 0% |
| 1 May 2019 | $79.1M | $55.4M – $167M | $118M (+49%) | after a round | – | unknown | B | 0% |
| 1 Jun 2019 | $81.9M | $55.4M – $167M | $118M (+44%) | after a round | – | unknown | B | 0% |
| 1 Jul 2019 | $84.6M | $55.4M – $167M | $118M (+39%) | after a round | – | unknown | B | 0% |
| 1 Aug 2019 | $87.6M | $55.4M – $167M | $118M (+35%) | after a round | – | unknown | B | 0% |
| 1 Sep 2019 | $90.7M | $55.4M – $167M | $118M (+30%) | after a round | – | unknown | B | 0% |
| 1 Oct 2019 | $93.7M | $55.4M – $167M | $118M (+26%) | after a round | – | unknown | B | 0% |
| 1 Nov 2019 | $97.0M | $55.4M – $167M | $118M (+22%) | after a round | – | unknown | B | 0% |
| 1 Dec 2019 | $100M | $55.4M – $167M | $118M (+18%) | after a round | – | unknown | B | 0% |
| 1 Jan 2020 | $104M | $55.4M – $167M | $118M (+14%) | after a round | – | unknown | B | 0% |
| 1 Feb 2020 | $107M | $55.4M – $167M | $118M (+10%) | after a round | – | unknown | B | 0% |
| 1 Mar 2020 | $111M | $55.4M – $167M | $118M (+6%) | after a round | – | unknown | B | 0% |
| 1 Apr 2020 | $115M | $55.4M – $167M | $118M (+3%) | after a round | – | unknown | B | 0% |
| 1 May 2020 | $118M | $55.0M – $167M | $118M (0%) | after a round | – | unknown | B | 0% |
| 1 Jun 2020 | $118M | $52.6M – $167M | $118M (0%) | after a round | – | unknown | B | 0% |
| 1 Jul 2020 | $118M | $50.4M – $167M | $118M (0%) | after a round | – | unknown | C | 0% |
| 1 Aug 2020 | $118M | $48.2M – $167M | $118M (0%) | after a round | – | unknown | C | 0% |
| 1 Sep 2020 | $118M | $46.1M – $167M | $118M (0%) | after a round | – | unknown | C | 0% |
| 1 Oct 2020 | $118M | $44.2M – $167M | $118M (0%) | after a round | – | unknown | C | 0% |
| 1 Nov 2020 | $118M | $42.3M – $167M | $118M (0%) | after a round | – | unknown | C | 0% |
| 1 Dec 2020 | $118M | $40.5M – $167M | $118M (0%) | after a round | – | unknown | C | 0% |
| 1 Jan 2021 | $118M | $38.8M – $167M | $118M (0%) | after a round | 110 | unknown | C | 0% |
| 1 Feb 2021 | $118M | $37.1M – $167M | $118M (0%) | after a round | 110 | unknown | C | 0% |
| 1 Mar 2021 | $118M | $35.6M – $167M | $118M (0%) | after a round | 110 | unknown | C | 0% |
| 1 Apr 2021 | $118M | $34.1M – $167M | $118M (0%) | after a round | 110 | flat | C | 0% |
| 1 May 2021 | $118M | $30.1M – $167M | $118M (0%) | after a round | 110 | flat | C | 0% |
| 1 Jun 2021 | $118M | $28.7M – $167M | $117M (-1%) | after a round | 110 | flat | C | 0% |
| 1 Jul 2021 | $118M | $27.3M – $167M | $116M (-2%) | after a round | 110 | flat | C | 0% |
| 1 Aug 2021 | $118M | $25.9M – $167M | $115M (-3%) | after a round | 110 | flat | C | 0% |
| 11 Aug 2021 | $466M | $328M – $727M | $512M (+10%) | after a round | 110 | flat | B | 0% |
| 1 Sep 2021 | $468M | $328M – $727M | $512M (+9%) | after a round | 110 | flat | B | 0% |
| 1 Oct 2021 | $472M | $328M – $727M | $512M (+9%) | after a round | 110 | flat | B | 0% |
| 1 Nov 2021 | $476M | $328M – $727M | $512M (+8%) | after a round | 110 | flat | B | 0% |
| 1 Dec 2021 | $480M | $328M – $727M | $512M (+7%) | after a round | 110 | flat | B | 0% |
| 1 Jan 2022 | $483M | $328M – $727M | $512M (+6%) | after a round | 110 | flat | B | 0% |
| 1 Feb 2022 | $487M | $328M – $727M | $512M (+5%) | after a round | 110 | flat | B | 0% |
| 1 Mar 2022 | $491M | $328M – $727M | $512M (+4%) | after a round | 110 | flat | B | 0% |
| 1 Apr 2022 | $559M | $394M – $878M | $619M (+11%) | after a round | 260 | growing | B | 0% |
| 1 May 2022 | $572M | $396M – $878M | $619M (+8%) | after a round | 260 | growing | B | 0% |
| 1 Jun 2022 | $586M | $396M – $878M | $619M (+6%) | after a round | 260 | growing | B | 0% |
| 1 Jul 2022 | $600M | $396M – $878M | $619M (+3%) | after a round | 260 | growing | B | 0% |
| 1 Aug 2022 | $614M | $396M – $878M | $619M (+1%) | after a round | 260 | growing | B | 0% |
| 1 Sep 2022 | $619M | $394M – $878M | $619M (0%) | after a round | 260 | growing | B | 0% |
| 1 Oct 2022 | $619M | $391M – $878M | $619M (0%) | after a round | 260 | growing | B | 0% |
| 1 Nov 2022 | $619M | $346M – $878M | $619M (0%) | after a round | 260 | unknown | B | 0% |
| 1 Dec 2022 | $619M | $329M – $878M | $619M (0%) | after a round | 260 | unknown | B | 0% |
| 1 Jan 2023 | $619M | $313M – $878M | $619M (0%) | after a round | 260 | unknown | B | 0% |
| 1 Feb 2023 | $619M | $298M – $878M | $619M (0%) | after a round | 260 | unknown | B | 0% |
| 1 Mar 2023 | $619M | $284M – $878M | $619M (0%) | after a round | 260 | unknown | B | 0% |
| 1 Apr 2023 | $619M | $270M – $878M | $619M (0%) | after a round | 260 | unknown | B | 0% |
| 1 May 2023 | $652M | $330M – $926M | $652M (0%) | after a round | 330 | up | B | 0% |
| 1 Jun 2023 | $652M | $321M – $926M | $652M (0%) | after a round | 330 | up | B | 0% |
| 1 Jul 2023 | $652M | $312M – $926M | $652M (0%) | after a round | 330 | up | B | 0% |
| 1 Aug 2023 | $652M | $304M – $926M | $652M (0%) | after a round | 330 | up | B | 0% |
| 1 Sep 2023 | $652M | $272M – $926M | $651M (0%) | after a round | 330 | up | C | 0% |
| 5 Sep 2023 | $2.8B | $1.9B – $4.3B | $3.0B (+10%) | after a round | 330 | up | B | 0% |
| 1 Oct 2023 | $2.8B | $1.9B – $4.3B | $3.0B (+9%) | after a round | 330 | up | B | 0% |
| 1 Nov 2023 | $2.8B | $1.9B – $4.3B | $3.0B (+8%) | after a round | 330 | flat | B | 0% |
| 1 Dec 2023 | $2.8B | $1.9B – $4.3B | $3.0B (+8%) | after a round | 330 | flat | B | 0% |
| 1 Jan 2024 | $2.9B | $1.9B – $4.3B | $3.0B (+7%) | after a round | 330 | flat | B | 0% |
| 1 Feb 2024 | $2.9B | $1.9B – $4.3B | $3.0B (+6%) | after a round | 330 | flat | B | 0% |
| 1 Mar 2024 | $2.9B | $2.0B – $4.4B | $3.1B (+6%) | after a round | 370 | up | B | 0% |
| 1 Apr 2024 | $3.0B | $2.0B – $4.4B | $3.1B (+5%) | after a round | 370 | up | B | 0% |
| 1 May 2024 | $3.0B | $2.0B – $4.4B | $3.1B (+4%) | after a round | 370 | up | B | 0% |
| 1 Jun 2024 | $3.0B | $2.0B – $4.4B | $3.1B (+3%) | after a round | 370 | up | B | 0% |
| 1 Jul 2024 | $3.1B | $2.0B – $4.4B | $3.1B (+2%) | after a round | 370 | up | B | 0% |
| 1 Aug 2024 | $3.1B | $2.0B – $4.5B | $3.2B (+1%) | after a round | 400 | up | B | 0% |
| 1 Sep 2024 | $3.2B | $2.0B – $4.5B | $3.2B (0%) | after a round | 400 | up | B | 0% |
| 1 Oct 2024 | $3.2B | $2.0B – $4.5B | $3.2B (0%) | after a round | 400 | up | B | 0% |
| 1 Nov 2024 | $3.2B | $2.0B – $4.6B | $3.2B (0%) | after a round | 430 | up | B | 0% |
| 1 Dec 2024 | $3.2B | $1.9B – $4.6B | $3.2B (0%) | after a round | 430 | up | B | 0% |
| 1 Jan 2025 | $3.2B | $1.9B – $4.6B | $3.2B (0%) | after a round | 430 | up | B | 0% |
| 1 Feb 2025 | $3.2B | $1.8B – $4.6B | $3.2B (0%) | after a round | 430 | up | B | 0% |
| 1 Mar 2025 | $3.2B | $1.8B – $4.6B | $3.2B (0%) | after a round | 430 | up | B | 0% |
| 1 Apr 2025 | $3.2B | $1.7B – $4.6B | $3.2B (0%) | after a round | 430 | up | B | 0% |
| 1 May 2025 | $3.2B | $1.7B – $4.6B | $3.2B (0%) | after a round | 430 | up | B | 0% |
| 1 Jun 2025 | $3.2B | $1.6B – $4.6B | $3.2B (0%) | after a round | 430 | up | B | 0% |
| 1 Jul 2025 | $3.3B | $1.6B – $4.7B | $3.3B (0%) | after a round | 489 | up | B | 0% |
| 1 Aug 2025 | $3.3B | $1.6B – $4.7B | $3.3B (0%) | after a round | 491 | up | B | 0% |
| 1 Sep 2025 | $3.3B | $1.5B – $4.7B | $3.3B (0%) | after a round | 491 | up | B | 0% |
| 1 Oct 2025 | $3.3B | $1.4B – $4.7B | $3.3B (0%) | after a round | 491 | up | C | 0% |
| 1 Nov 2025 | $3.4B | $1.3B – $4.8B | $3.4B (0%) | after a round | 523 | up | C | 0% |
| 1 Dec 2025 | $3.4B | $1.3B – $4.8B | $3.4B (0%) | after a round | 523 | up | C | 0% |
| 1 Jan 2026 | $3.4B | $1.3B – $4.8B | $3.4B (0%) | after a round | 523 | up | C | 0% |
| 1 Feb 2026 | $3.4B | $1.2B – $4.8B | $3.3B (-1%) | after a round | 523 | up | C | 0% |
| 1 Mar 2026 | $3.4B | $1.2B – $4.8B | $3.3B (-2%) | after a round | 523 | up | C | 0% |
| 1 Apr 2026 | $3.4B | $1.1B – $4.8B | $3.3B (-2%) | after a round | 523 | up | C | 0% |
| 1 May 2026 | $3.4B | $1.1B – $4.8B | $3.4B (-1%) | after a round | 549 | up | C | 0% |
| 1 Jun 2026 | $3.4B | $1.1B – $4.8B | $3.3B (-4%) | after a round | 549 | up | C | 0% |
| 1 Jul 2026 | $3.4B | $1.0B – $4.8B | $3.2B (-5%) | after a round | 549 | up | C | 0% |
| 1 Aug 2026 | $3.4B | $1.0B – $4.8B | $3.2B (-5%) | after a round | 551 | up | C | 0% |
| 1 Sep 2026 | $3.4B | $975M – $4.9B | $3.2B (-5%) | after a round | 561 | up | C | 0% |
| 1 Oct 2026 | $3.4B | $789M – $4.9B | $3.2B (-5%) | after a round | 571 | up | C | 0% |
| 24 Oct 2026 | $2.3B | $513M – $4.8B | $2.2B (-4%) | after a round | 571 | up | D | 0% |
Key facts about Butternut Box
- Founded
- 2016
- Headquarters
- Berlin, Germany
- Employees
- about 571 +9% in a year
- Total raised
- $515M
- Funding rounds
- 5
- Last round
- Debt May 2025
Butternut Box was founded in 2016 by David Nolan and Kevin Glynn.
Butternut Box funding history
Butternut Box has 5 funding rounds on record, from Jul 2017 to May 2025, $515M in total. None disclosed a valuation.
Debt 20 May 2025no round page
Led by Liquidity.
Sources: techfundingnews.com, petfoodprocessing.net, uktech.news and 4 more
$84M
Growth Equity 4 Sep 2023
Led by General Atlantic; with L Catterton.
Sources: hl.com, techcrunch.com, generalatlantic.com and 2 more
$354M
Growth Equity 10 Aug 2021
Led by L Catterton; with White Star Capital, Five Seasons Ventures, Passion Capital.
Sources: techcrunch.com, claret-capital.com, uktech.news
$55M
Series B 26 Apr 2019
Led by White Star Capital; with Five Seasons, Passion Capital, Literacy Capital.
$19M
$1.3M
Butternut Box investors
9 investors have backed Butternut Box; Passion Capital, L Catterton and General Atlantic and 2 more led at least one round.
- General Atlantic lead
- Liquidity lead
- Five Seasons
- Five Seasons Ventures
- White Star Capital
What Butternut Box does
Butternut Box works in food production, with 10 recorded offerings and customers in pet care.
Butternut Box GmbH is a UK-based company engaged in providing fresh, individually tailored dog food delivery through a subscription-based service. The company offers a range of products including fresh-cooked meals, treats, and wellness supplements, with a focus on sustainability and ethical practices. Butternut Box also engages in research and development to improve its product offerings and supports animal welfare organizations and local food banks.
Description from Veridion's company data.
Products and services
- Pet Food Product Manufacturing
- Dog Food Delivery Services
- Personalized Dog Meal Planning Services
- Dog Treats and Wellness Supplement Manufacturing
- Human-Grade Pet Food Manufacturing
- Sustainable Pet Food Manufacturing
- Pet Food Research and Development
- Primary Veterinary Care Services
- Community Animal Welfare Support Services
- Pet Food Donation Services
Markets
- Pet Care
Supply chain
- Sustainable Sourcing
- Ethical Procurement
- Supplier Collaboration
- Green Logistics
Business model
- Business-to-Consumer
- Retail
- Subscription-Based
Industry codes (NAICS)
- 311111 Dog and Cat Food Manufacturing 70% match
- 445298 All Other Specialty Food Retailers 30% match
Questions about Butternut Box
What is Butternut Box worth?
Valuation $2.3B (range $513M to $4.8B), as of 24 Oct 2026.
Has Butternut Box raised money?
Butternut Box has 5 funding rounds on record, from Jul 2017 to May 2025, $515M in total. None disclosed a valuation.
Who has invested in Butternut Box?
Passion Capital, L Catterton, General Atlantic, Liquidity, White Star Capital and Five Seasons, and 3 more. Lead investors include Passion Capital, L Catterton, General Atlantic and Liquidity.
How many people work at Butternut Box?
About 571, up 9% over the last year. Headcount grew from 110 in Jan 2021 to 571 in Sep 2026.
What does Butternut Box do?
Butternut Box works in food production, with 10 recorded offerings and customers in pet care. Its main offerings are pet food product manufacturing, dog food delivery services and personalized dog meal planning services.
When was Butternut Box founded, and where is it based?
Butternut Box was founded in 2016 and is based in Berlin, Germany. It has about 571 employees, up 9% over the last year.