Fast-growing virtual food brand company Peckwater Brands has acquired the operations of Honest Food Company in four European countries.
The acquisition follows Peckwater’s £15m Series A funding round in June 2022, which valued the business at £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: “We’re excited to bring HFC’s excellent operations under the Peckwater banner. Under Delivery Hero’s ownership, HFC has established a leading position in the European market, and combining this with the UK’s largest estate will create Europe’s largest virtual brand operation.
“We announced our intention to accelerate international expansion with our Series A funding, and this represents a massive step forward for Peckwater Brands.
“Having opened our French and Belgian operations organically in the three months since our funding round, we’re delighted to be adding operations in four more mature markets.”
Sam Martin, CEO of Peckwater, added: “The growth and development we’ve seen at Peckwater in recent months is astonishing – the dedication of our team and their faultless execution of our strategy has been integral to our success.
“The 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’t just be sustained – it will accelerate further.”
Peckwater’s £15m Series A funding was backed by Stonegate Group, SBI Investments, Fuel Ventures, and Pembroke VCT.