Food Tech Startup Peckwater Nets £15 Million To Speed Up Food Delivery
London based Food tech startup Peckwater nets £15 Million in a Series A round.
Peckwater Brands enabling Kitchen operators to succeed at delivery has raised £15 million in funding to further develop its technology. Including machine learning generated menus and operations performance improvements.
The Series A round was led by UK’s Stone gate Group, including Japan’s Softbank Investments as well as existing ventures Fuel Ventures and Pembroke VCT. The latest funding round follows a £3 million seed round in October 2021 bringing company’s total valuation to £65 million. This fresh injection of funds will go towards the enhancement of its kitchen operator technology. Earlier the company had raised £3 million last year in October.
Although from this latest investment, the startup is also planning to expand further in Europe, with sites in France and Belgium . Currently it is operating in 150 sites in UK and was founded in 2019 by Sam Martin and Leo Bradshaw . Thusly, helping platforms to develop a virtual brand of restaurant chains-operating a delivery only service without the need for physical location.
The startup is not the only one that is wooing the VCs with its branding model. There are other food tech startups in the town too which have recently fetched hefty amounts of investments such as Calo and Akeed. The real reason the food tech startups are grabbing funds from investors is due to the rapid growth and demand in the food industry.
And as per stats it is estimated that by 2027, the food tech market size will reach the value of USD 342.52 billion. Also, it is interesting to note that innovative technologies such as non-coding platforms for the development of food tech apps and websites are also emerging on the surface.
However, food tech startup Peckwater brands with machine learning based menus is destined to rise more in its business as well as in local and international markets. As CEO Peckwater Sam Martin Brands said:
“Given the rapid success we’ve seen in the U.K., we’ve now set our sights on the international stage. We have established a strong presence within the U.S. and UAE. We are also set to make waves across Europe in the near future.”
The startup early this year launched its branch in Miami.