AUSTIN, Texas — Tiff’s Treats, the direct-to-consumer, on-demand delivery brand famous for inventing the concept of baked-to-order, warm cookie delivery, has closed on the first tranche of its growth capital raise, with an additional tranche being considered in the near future. 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. This funding round values Tiff’s Treats at over $500 million.
The growth equity raise is the largest single funding round to date for Tiff’s Treats. 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. With over 80% of sales being generated digitally through its state-of-the-art, internally developed technology, Tiff’s Treats is expanding its network of retail distribution points to capitalize on significant unmet demand in both new and existing markets.
“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,” said 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,” said Leon Chen, co-founder and CEO 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.”
The company has retained J.P. Morgan as its placement agent on the capital raise.
About Tiff’s Treats
In 1999, Tiffany Taylor accidentally stood up Leon Chen for a date. As an apology, she baked and delivered a batch of warm cookies, and the concept of warm cookie delivery was born. Tiff and Leon, just 19-year-old sophomores at The University of Texas at Austin at the time, opened Tiff’s Treats with $20, a cell phone and a dream. Since then, the business has grown to 69 retail distribution locations in Texas, Georgia, Tennessee, North Carolina and Oklahoma, with more than 1,700 employees, baking more than 200 million cookies since the company started. The founders are now married and the business continues to grow, but Tiff’s Treats has the same core mission: creating memorable moments with treats baked to order and delivered warm. Customers can order online, with the Tiff’s Treats app or by phone, all supported by industry-leading technology and customer service. Perfect for on-demand gifting or just to satisfy a sweet tooth, the Tiff’s Treats menu features 11 timeless cookie flavors and limited-time flavors of the month, as well as decadent brownies and other treats, with cold milk and ice cream pairing options.
Tiff’s Treats has donated well over $1 million in products and direct support to charities to date, and in July 2021 announced ChadTough Defeat DIPG as its first corporate charity partner. Early next year, the founders will release their first book, It’s Not Just Cookies: Stories and Recipes from the Tiff’s Treats Kitchen, published by Harper Horizon, sharing secret ingredients to Tiff’s Treats’ success and challenges they’ve overcome along the way. To learn more, please visit www.cookiedelivery.com.