Peckwater delivered £15m for virtual restaurant brand service
Virtual brand company Peckwater has closed a £15m Series A funding round led by Stonegate Group, one of the UK’s largest pub companies.
London-based Peckwater Brands helps develop the virtual brand of restaurant chains operating a delivery-only service without the need for a physical location.
Lead investor Stonegate Group has taken a minority stake in Peckwater Brands, after trialling the startup’s services in some of its pubs.
“Peckwater Brands’ partnership with some of our pubs has demonstrated the Company’s exciting potential,” said Suzanne Baker, the commercial director of Stonegate Group.
“As such, we were delighted to collaborate with them, participate in their latest funding round and offer support to this promising team.”
The new funding will go towards the development of Peckwater’s kitchen operator technology, including menus generated through machine learning.
Following the latest investment, Peckwater Brands co-founder Sam Martin has been appointed the company’s CEO.
“Given the rapid success we’ve seen in the UK, we’ve now set our sights on the international stage,” Martin said.
“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.”
Martin’s fellow co-founder, Leo Bradshaw meanwhile, has been given the position of executive chair.
“The onset of the COVID-19 pandemic highlighted the need for disruption within the hospitality sector and Peckwater Brands has done just that,” said Bradshaw.
“Our innovative use of technology, combined with our expert knowledge of brand management and hospitality has transformed the way restaurants, bars – essentially any venue with a kitchen – approaches branding and customer reach.”
Also participating in the latest funding round is Japan’s Softbank Investments (SBI) as well as existing investors Fuel Ventures and Pembroke VCT.
“Following Peckwater Brands’ growth since its previous funding round, we were delighted to have the opportunity to invest in such an exciting business,” said Yoshitaka Kitao, the representative director and CEO of SBI investments.
The Series A investment follows a £3m seed funding round led by Fuel Ventures in October 2021.