London-based HFSS-compliant frozen waffle brand Griddle has announced the successful completion of a second funding round, securing a six-figure investment to help further scale its operation.
The fast-growing brand has recently added c 300 Tesco stores to its list of mainstream, online and independent UK stockists and is on track to deliver over 150% increase on sales this year.
Griddle has also strengthened its leadership team with former CEO of St Pierre Bakery David
Wagstaff joining as an investor and non-exec Chairman and Megan Harrison, former Marketing Director at St Pierre, Warburtons and Roberts Bakery on board as an NED.
Both will help guide co-founders Ella Harland and Sophie McGregor, who set the B Corp™ business up as flatmates in 2019, on their mission to create a premium/quality/better for you segment in frozen bakery.
Frozen food sales are growing rapidly, with 15.6% growth in 2023, far outperforming both chilled and ambient sectors, with challenger brands now making serious inroads in a traditionally non-brand-led space.
Frozen helps to tackle the major issue of food waste with 900,000 tonnes of bakery products thrown away every year. It also allows Griddle to stay true to its values around quality ingredients, avoiding artificial colours, flavours and preservatives.
Griddle has five product variants in market – Original Wholegrain, Blueberry, Choc Chop and two protein SKUs – all sold in packs of six.
David Wagstaff commented:
“Frozen food is becoming more premium and there is a gap for a brand like Griddle in a sector that has traditionally been devoid of innovation and brand loyalty.
“Sophie and Ella are streets ahead in commitment, can-do attitude and vision and there is category space and the opportunity to excel. The success of their products to date, proof of concept and expansion plan is impressive, with a growth pipeline of NPD, new customers and future investment.”
Megan Harrison agreed. She said:
“Griddle has made significant progress and is a brand we can grow. We need to future proof its positioning now.”
The target £923m UK morning and snack bakery market is the only category to see both volume and value growth in recent years (+4% in 2023) and has enjoyed the largest increase in consumer spend (+15.4% in 2022).
Griddle’s current range is HFSS compliant and is benefiting from retailers actively looking for healthier products under the legislation.
Ella said the investment and senior leadership were vital to success.
She commented:
“This latest cash injection will help us accelerate our brand’s growth as well as support our new product launches later in the year. We are delighted to be working with David and Megan. Their expertise, knowledge and connections are second to none.”
Sophie added:
“The frozen food sector is changing, and the time is right for a higher quality, healthier bakery option to fuel busy lives and look after the planet at the same time.”
Griddle gained B Corp™ certification in September 2023.
The latest funding round was advised by Pannone Corporate.
