AUSTIN, TEXAS â€” Tiffâ€™s Treats on July 8 said it has raised $15 million, $5 million more than targeted, in an investment round to fund the companyâ€™s accelerating growth.
The Austin-based company, which claimed it launched the concept of warm cookie delivery, raised the funds from investors including Dirk Nowitzki, a retired star of the National Basketball Association, and Kendra Scott, a jewelry designer.
Tiffâ€™s Treats was launched in 1999 by Tiffany Taylor and Leon Chen, then students at the University of Texas at Austin. The company said the two started with â€œ$20, a cell phone and a dream.â€ Tiffâ€™s Treats operates 59 stores in Texas, Georgia, Tennessee and North Carolina and employs more than 1,400. Customers may order the companyâ€™s products online, with the Tiffâ€™s Treats app or by phone, and baked-to-order cookies are delivered to homes or offices in about an hour. Amid the COVID-19 pandemic, the company hired 500 employees this spring. Also during the pandemic, the company said it has committed more thanÂ $1 millionÂ to its employees in bonuses, pay raises and a new paid time off benefit for all hourly employees.
Over the past five years the company has raised $50 million in funding, a period of aggressive growth.
â€œWeâ€™re thrilled to welcome our new investors includingÂ Kendra ScottÂ andÂ Dirk Nowitzki,â€ saidÂ Mr. Chen, chief executive officer at Tiffâ€™s Treats. â€œKendra, a hugely influential entrepreneur and philanthropist, is someone weâ€™ve known for several years and have been a big fan of both personally and professionally. Weâ€™re thrilled to have her join our team.â€
On Valentineâ€™s Day and Motherâ€™s Day, Tiffâ€™s Treats partnered withÂ Kendra ScottÂ to deliver jewelry pieces along with cookies.
Ms. Scott is an Austin resident. Mr. Nowitzki played more than 20 seasons with the Dallas Mavericks and lives in Dallas.
Earlier investors in Tiffâ€™s Treats include private equity firms CIC Partners, headed by a former top executive of Pizza Hut; Morgan Stanley Expansion Capital; executives from Starbucks and Whole Foods Market; and supermodel Brooklyn Decker and her retired tennis-star husband Andy Roddick.