Fast-growing virtual food brand company Peckwater Brands has acquired the operations of Honest Food Company in four European countries.
The acquisition follows Peckwater鈥檚 拢15m Series A funding round in June 2022, which valued the business at 拢65m.
Founded in 2019, Peckwater Brands builds delivery-only food brands, delivered through a data-driven software solution, which are prepared in kitchens worldwide alongside their day-to-day operations.
The startup already has operations in the UK, US, France, Belgium, and the UAE and the HFC deal will see it expand its footprint into operations in Finland, Sweden, Hungary, and the Czech Republic.
Leo Bradshaw, executive chair of Peckwater, said: 鈥淲e鈥檙e excited to bring HFC鈥檚 excellent operations under the Peckwater banner. Under Delivery Hero鈥檚 ownership, HFC has established a leading position in the European market, and combining this with the UK鈥檚 largest estate will create Europe鈥檚 largest virtual brand operation.
鈥淲e announced our intention to accelerate international expansion with our Series A funding, and this represents a massive step forward for Peckwater Brands.
鈥淗aving opened our French and Belgian operations organically in the three months since our funding round, we鈥檙e delighted to be adding operations in four more mature markets.鈥�
Sam Martin, CEO of Peckwater, added: 鈥淭he growth and development we鈥檝e seen at Peckwater in recent months is astonishing 鈥� the dedication of our team and their faultless execution of our strategy has been integral to our success.
鈥淭he HFC team have shown the same level of focus, talent, and opportunity in building their impressive position in the European market. With their brands now under our banner, I am sure that our rate of growth won鈥檛 just be sustained 鈥� it will accelerate further.鈥�
Peckwater鈥檚 拢15m Series A funding was backed by Stonegate Group, SBI Investments, Fuel Ventures, and Pembroke VCT.