Delivery kitchen operator Peckwater Brands raises £15m in funding round led by pub giant Stonegate
Delivery kitchen operator Peckwater Brands has clinched £15m in a Series A funding round, which was led by the country’s largest pub company.
The funding round was led by Stonegate Group, with the pub chain taking a minority stake in the firm, for an undisclosed sum.
Peckwater Brands helps restaurant chains build virtual brands that do not need a physical restaurant offering – similar to a category often referred to as ‘ghost kitchens’.
The news follows a previous £3m seed round in October 2021, with the company’s post-money valuation now standing at £65m.
Investors in the latest round include SoftBank Investments (SBI), as well as follow-on investment from previous backers Fuel Ventures and Pembroke VCT.
It operates several categories including Flip the Bird, Dukes, plus shared brands with partners such as Unilever, Buzzfeed, and Heinz.
The cash injection will be used to develop technology such as machine learning-generated menus and operations performance improvements.
It will also rollout expansion plans, with plans to become the largest kitchen network in the UK.
Co-founder and CEO Sam Martin said the company had seen “rapid success in the UK.”
After this, the company had “now set out sights on the international stage.”
“Not only have we established a strong presence within the US and UAE, but we are set to make waves across Europe in the very near future – and our latest funding round success will certainly accelerate these plans,” Martin added.
Co-founder and executive chair Leo Bradshaw added: “The onset of the COVID-19 pandemic highlighted the need for disruption within the hospitality sector. And Peckwater Brands has done just that.”