Basingstoke based Bakedin, have successfully completed a £675,000 funding round with a £200,000 investment from the Enterprise M3 Growth Fund, managed by The FSE Group. The business has created a time saving baking kit which delivers the complete cake or biscuit making experience, by providing everything the budding baker needs in a fun yet simple package.
Joe Munns, the CEO and inspirational founder behind Bakedin wished to turn his passion and hobby for baking into his full-time career. That was in 2013 and since then, his high-end, time saving baking kit range has grown.
These stunningly presented kits, provide the full baking experience from scratch, but with less hassle. Containing locally sourced individually bagged ingredients, they also come with handy extras to craft the perfect cake. The easy to follow step-by-step instructions, should ensure that your ingredients will seamlessly turn into a wonderful cake, baked to perfection.
Having the exact raw ingredients already measured out reduces food waste. Once the kit has been delivered direct to your door, all you will need to add is an egg or water depending on the recipe. Their user-friendly website makes ordering easy, or you can find the range at selected major retailers.
Joe Munns, CEO of Bakedin, commented, “We’re thrilled to receive this investment from Enterprise M3 Growth Fund. We’re directing the investment to continue to grow the business, invest in factory expansion and further develop our market share in the US. We want to increase brand awareness through continued product development and right now, we’re looking at breaking into more health-conscious sectors. Growing our incredible Baking Club community is also a priority as we look to delight our customers with new product development.”
Paul Lyristis, Senior Fund Manager, South East for The FSE Group, which manages the Enterprise M3 Growth Fund on behalf of the LEP adds: “Joe has put together a fantastic, talented and motivated team. It has been a privilege to work with such great people. Together, they have built a truly distinctive and innovative company which is attuned to the way we live our lives and their products are designed to bring joy and fun to all.”
Kathy Slack OBE, Director Enterprise M3 LEP, said: “It’s enormously encouraging to see some businesses continue to thrive even in the most difficult of circumstances. Bakedin will no doubt have provided hours of much needed fun for families and baking enthusiasts throughout these few months of lockdown and I’m delighted to see the company continue its expansion with the help of Enterprise M3. One of the things EM3 is most proud of is the ability to help small business grow and companies such as Bakedin demonstrate that it’s perfectly possible to turn a hobby about which you are passionate into a flourishing business with global ambitions.”
The Enterprise M3 Funding Escalator II is £10 million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.
For more information about Bakedin, visit www.bakedin.co.uk