Butternut Box, the European market leader in fresh dog food, has secured more than $80 million USD in debt financing from Liquidity, the world’s leading AI-driven private credit firm. The funding will support the development of a new manufacturing facility in Poland and strengthen the company’s growth strategy across Europe.

“Butternut Box has established itself as a fresh pet food leader through an unwavering commitment to quality, innovation and growth,” said Ron Daniel, Co-Founder & CEO of Liquidity. “Liquidity is the ideal partner for late-stage startups needing fast, flexible and non-dilutive access to capital. As such, we’re proud to support Butternut Box as they increase market share by expanding manufacturing capacity in EMEA in support of continued growth.”

Founded in 2016, Butternut Box delivers fresh meals to hundreds of thousands of dogs across the UK, Ireland, the Netherlands, Belgium, Germany and Poland, and has plans for further expansion. 

In 2024, the company entered the cat food market with the launch of a fresh brand in Marro. Since inception, Butternut Box has raised over £380 million, including a £280 million investment from General Atlantic and L Catterton last year.

“Our mission has always been to get more dogs eating the fresh food they deserve,” said Kevin Glynn, co-founder of Butternut Box. “Partnering with Liquidity will help us continue that mission by ensuring we are well positioned to support our existing markets, whilst helping to deliver health and happiness to even more dogs across Europe.”

The financing represents Liquidity’s 10th significant transaction in Europe over the past 12 months, underscoring the firm’s growing portfolio of late-stage growth opportunities across the region.