Upside
Posts
Inaugural Issue

Inaugural Issue

Upside Team
September 06, 2023

Welcome to the first issue of Upside. This is the first of many, but in our newsletter we’ll be diving deep into the latest investment trends, spotlighting startups that are disrupting the status quo, and giving you exclusive interviews with venture capital mavens.

Spotlight

Butternut Box Fetches a Hefty $354M Investment to Expand Its Paws Across Europe

In a significant move that underscores the burgeoning pet food market, U.K.-based startup Butternut Box has secured a whopping £280 million ($354 million) in a funding round led by General Atlantic and L Catterton. Founded in 2016, the company specializes in preparing and delivering "human-quality" dog food and supplements. Prior to this round, Butternut Box had raised just over $110 million, making this latest investment a standout in a VC landscape often focused on smaller, early-stage investments.

The funding comes at a time when the global pet food market is estimated to be worth $100 billion, with dog food alone accounting for more than 40% of that market. However, the issue of canine obesity looms large, with an estimated 65% of dogs in the U.K. being overweight. Butternut Box aims to address this with its health-focused meals and snacks, offered via a regular subscription model. Currently serving markets in the U.K., Ireland, Netherlands, Poland, and Belgium, the startup plans to use the new funds to expand further into Europe.

The significance of this investment lies not just in the substantial amount raised but also in what it signals about the pet food market's potential and the growing consumer demand for high-quality, health-focused products. With this capital injection, Butternut Box is well-positioned to lead in a niche that combines pet wellness with convenience, setting a precedent for future investments in the pet care sector.

Quick Bites

Josys Secures $93M

Josys, a SaaS management platform, has raised $93 million in a Series B funding round led by Global Brain and Globis Capital Partners. The funding will be used to double its product and engineering team and expand its distribution channels. The company has seen rapid growth, tripling its customer base to 300 SMEs and achieving profitability within a year.

Wayflyer Lands $1B Off-Balance Sheet Deal

E-commerce loan startup Wayflyer has secured $1 billion in capital from investment management firm Neuberger Berman. The funding is described as an "off-balance sheet program," allowing Wayflyer to keep its debt-to-equity ratio low. The capital will be used to fuel the company's growth, especially in the U.S., as it aims to support e-commerce businesses with reliable funding solutions.

Point.me Secures $10M for Real-Time Flight Rewards

Point.me, an online search engine for real-time reward flight options, has raised $10 million in a Series A funding round led by Thayer Ventures. The platform, which has over 1.5 million users, plans to use the funding to expand its consumer subscription business and forge enterprise partnerships with leading U.S. card issuers.

Kotani Pay Raises $2M for Crypto Remittances

Nairobi-based startup Kotani Pay has raised $2 million in pre-seed funding led by P1 Ventures to facilitate cross-border remittances using blockchain technology. The startup aims to tackle high transfer fees in the African remittance market by using stablecoins, and plans to expand its services to several African countries.

What did you think of today's email?

Your feedback helps us create better emails for you!