Tiff’s Treats has closed on the first tranche of its growth capital raise, with an additional tranche being considered in the near future. The growth equity raise is the largest single funding round to date for the warm cookie delivery company. It brings the total equity raised since inception to over $100 million and positions the company to build upon its growing e-commerce-driven platform. This funding round values Tiff’s Treats at over $500 million.
The investors in this round, including both new and returning individuals and firms, join a group of institutional investors that includes CIC Partners and Morgan Stanley Expansion Capital in addition to celebrity investors Dirk Nowitzki, Kendra Scott, Andy Roddick and Brooklyn Decker.
“Every day we are lucky to be an integral part of some of the most significant moments in people’s lives, fulfilling our mission of connecting people through warm moments,” says Tiffany Chen, co-founder and president of Tiff’s Treats. “We are unique because we specialize in both on-demand delivery and on-demand gifting. For birthdays, corporate events or any special occasion, customers can go to our proprietary online platform and mobile app and order freshly-baked warm cookies, delivered in about an hour. We are changing the way people connect with each other.”
The capital raise will enable Tiff’s Treats to invest in the following areas of its business:
- Grow its network of retail distribution points to bring on-demand warm moments to millions more people across the country
- Further develop its direct-to-consumer e-commerce and delivery technology platforms, including an emphasis on servicing customers nationwide through additional channels
“We continue to invest in our direct-to-consumer, on-demand gifting and delivery platform from the ground up, resulting in a best-in-class giving and receiving experience for customers,” says Leon Chen, co-founder and chief executive officer of Tiff’s Treats. “With our technology, we manage the entire delivery experience, utilizing our own delivery drivers and highly-committed in-house customer service team. We are focused on our mission to connect people through warm moments. Warm cookies are the vehicle, but our purpose is much bigger than that.”