The Hawaiian donut concept raised $9 million


HONOLEI, HAWAII — Holey Grail Donuts, a Hawaii-based donut shop operator, has raised a total of $9 million in its latest Series A funding round as it prepares to expand to the mainland.

The brand’s donuts are made with taro, a sustainable starchy vegetable, and fried in organic, fair-trade coconut oil, highlighting ingredients grown in Hawaii, including herbs, fruits and flowers. Founded by brother-sister duo Neil and Hannah Dreiling, the concept started in a hamburger trailer in 2018 and has since grown to three stores in Hanalei and Honolulu, as well as a food truck in Waikiki. This year, Holey Grail Donuts will open two locations in the Los Angeles area, as well as a food truck in Culver City, California.

Specialty donuts offered by Holey Grail include the L&L, which features lemon zest sugar, lime curd, lime roe and begonia petals; Hail Mary, with cardamom and rose petals; North Shore with Kauai-grown turmeric, tangelo and black pepper; and Lydgate Farms with vanilla beans, single-origin cacao beans and cherries. The team is building a California-centric supply chain to support its expansion, with local farmers to source produce while maintaining relationships with Hawaiian producers of taro, coconut oil and cacao.

The Series A round was co-led by Collaborative Fund’s Craig Shapiro and Lee Fixel. The company’s seed round was led by Tony Conrad of True Ventures. Additional investors include Tony Hawk, James Freeman, Ligaya Tichy, Christopher Kostow, Hass Hassan, Stefan Jenkins, Yves Behar and Matt Mullenweg.

“There is an exciting enthusiasm around Holey Grail Donuts that reminds us of some of the other popular food and beverage brands of our time,” said Mr. Conrad, who sits on the board of Holey Grail. “At the same time, Holey Grail Donuts is modestly unique in its approach to food and dedication to sustainable plant-based ingredients, focusing on what customers care about most: taste. Neil and Hannah are creating something really special.”

The Hawaiian donut concept raised $9 million

Source link The Hawaiian donut concept raised $9 million