HFSS-compliant frozen waffle brand Griddle has raised £500k in its second funding round to help further scale its operation as it gains new supermarket listings.
The London-based business has added around 300 Tesco stores to its list of mainstream, online, and independent UK stockists, helping it remain on track to deliver a sales increase of over 150% this year. Back in March, it was named in a cohort of 14 brands including Wildfarmed to join the latest Tesco Accelerator Programme.
Griddle has also strengthened its leadership team with former managing director of St Pierre Groupe, David Wagstaff, joining as an investor and non-exec chairman, while Megan Harrison – former marketing director at St Pierre, Warburtons, and Roberts Bakery – comes on board as a non-executive director.
Both will help guide co-founders Ella Harland and Sophie McGregor, who set up the company up as flatmates in 2019, on their mission to create a premium, better-for-you segment in frozen bakery.
Griddle has five product variants in market – Original Wholegrain, Blueberry, Choc Chop, and two protein SKUs – all sold in packs of six. They are HFSS-compliant, containing around 40% less sugar than typical ambient waffles, and vegan friendly. The Original and Blueberry varieties secured listings at Asda last August.
Frozen food sales are growing rapidly with 15.6% growth in 2023 [Kantar data reported by the British Frozen Food Federation], far outperforming both chilled and ambient sectors. It now sees challenger brands making serious inroads in a traditionally non-brand-led space.
“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,” commented Wagstaff.
“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,” he added.
Harrison agreed, saying: “Griddle has made significant progress and is a brand we can grow. We need to future proof its positioning now”.
Frozen also helps to tackle food waste in bakery with 900,000 tonnes of products thrown away every year in the UK [The Felix Project]. The also allows Griddle, which achieved B Corp certification in September 2023, to stay true to its values around quality ingredients, avoiding artificial colours, flavours and preservatives.
Griddle’s target market is morning and snack bakery, which is worth £1.4bn in the UK [Kantar data for 52w/e to 17 March 2024] and has seen both volume and value growth in recent years (+13.9% and +2.9%, respectively). Only Speciality Bread has enjoyed a larger increase in consumer spend (+14.1%).
Harland said the recent investment advised by Pannone Corporate, which followed its £400k seed funding round from 2022, as well as the senior leadership hires were vital to her company’s success. “This latest cash injection will help us accelerate our brand’s growth as well as support our new product launches later in the year,” she revealed. “We are delighted to be working with David and Megan. Their expertise, knowledge and connections are second to none.”
McGregor noted that the frozen food sector is changing, adding that “the time is right for a higher quality, healthier bakery option to fuel busy lives and look after the planet at the same time”.
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