Literacy Capital plc (“Literacy”) is pleased to announce that Butternut Box, a business providing healthy, fresh dog food on a subscription to dog owners' homes, has finalised a funding round led by General Atlantic and L Catterton. This is to raise further equity to support the continued growth of the business, as well as to facilitate the exit of earlier investors.
The growth of the business since Literacy first invested in January 2018, driven by the team's strong performance, has resulted in Butternut Box being another successful investment for Literacy, with this transaction marking a full exit for the fund. We wish Kevin, Dave, and the rest of the team, all the best for the future as they seek to continue growing the business.
The performance and growth of Butternut Box into Europe's largest fresh dog food brand is demonstrated by the strong investment return made by Literacy; a total and final return from this investment of 10.2x cost.
The transaction has exchanged, with completion and the receipt of cash expected before the end of October.