Tiff's Treats $25 Million Funding Round Led By Morgan Stanley Expansion Capital

AUSTIN, TEXAS— November 15, 2017

Tiff’s Treats, the Austin-based company that created the warm cookie delivery concept, today announced a $25 million investment round led by investment funds managed by Morgan Stanley Expansion Capital, the growth-focused private investment platform within Morgan Stanley Investment Management. The Series D investment will be used primarily to support further national expansion, continued investment in the company’s technology leading ordering and delivery platform, as well as support key new senior management hires. As part of the investment, Lincoln Isetta, Managing Director, Morgan Stanley Expansion Capital, will join Tiff’s Treats’ Board of Directors.

This funding follows $11 million in November 2016 and $14 million in August 2015, all of which has helped support the Company’s aggressive growth and expansion. In Summer 2016, Tiff’s Treats opened its first store outside of Texas, in the Atlanta area of Georgia, where it now has five stores. In September 2017, Tiff’s Treats announced signing a lease in Nashville, Tennessee to open in its third state.

Morgan Stanley joins a strong set of institutional and individual investors supporting Tiff’s Treats including Dallas-based CIC Partners, which led the Company’s Series C round, and private equity firm, Capstar Partners, which led the Company’s Series B financing. Other Tiff’s Treats advisors and investors include the current mayor of Dallas, and former executives at Starbucks, Whole Foods, Papa Johns, Pizza Hut, Windsor Quality Food Company and Zales.

In less than 20 years, Leon and Tiffany Chen have built a company with 34 locations, and more opening each month. This all started with one batch of cookies when they were University of Texas undergrads. Now, it is a company with a strong culture, great employee retention, and a Net Promoter Score in Texas higher than Apple, Disney and Starbucks.

“Seeing our brand take off like it is, and be so warmly received into new markets validates what we’ve believed for nearly two decades now,” said Tiff’s Treats co-founder, Tiffany Taylor Chen. “Our warm cookie delivery service is unique, special, and in demand. Our company continues to grow, but each of our new locations is as committed as our very first to ensuring the Tiff’s Treats experience: a quality product delivered fast, fresh, and warm, by our team of dedicated employees.”

All Tiff’s Treats locations deliver warm cookies, straight from the oven, to businesses and homes. Customers can order seamlessly via phone, online or via the newly released Tiff’s Treats app, all of which is supported by industry-leading technology and customer service. Tiff’s Treats is a delicious idea for dessert delivery to your home or business, client gifts and meeting snacks, birthday gifts, a sweet-tooth fix and more. Baked fresh when you order from premium ingredients, all cookies and brownies are delivered warm, straight from the oven, in a white box complete with a colorful ribbon. For those who appreciate the experience of a warm cookie made from scratch (of only the finest ingredients and right out of the oven!), Tiff’s Treats offers something thoroughly enjoyable, as it is the first company in the country to pioneer warm cookie and brownie delivery.

More About Tiff’s Treats

Tiff’s Treats created the warm cookie delivery concept. Tiff’s Treats makes and delivers classic, baked-to-order cookies and brownies straight from the oven to the home or office, WARM, in about an hour. Founded in 1999, what started as two friends baking cookies at University of Texas at Austin to help fellow students get through exams has now grown to 34 stores in Texas and Georgia, with more than 700 employees, baking more than 80 million cookies since its inception. And the company is consistently focused on giving back: with grand opening fundraisers that fill needs for charities (and hungry bellies for Tiff's Treats fans!), Tiff’s Treats has donated $120,000 to worthy causes. For more information, please visit www.cookiedelivery.com.

About Morgan Stanley Expansion Capital

Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. Morgan Stanley Expansion Capital targets growth equity and credit investments within technology, healthcare, consumer, digital media and other high growth sectors. For over three decades, Morgan Stanley Expansion Capital has successfully pursued growth investment opportunities and has completed investments in over 190 companies leveraging the global brand and network of Morgan Stanley. For further information about Morgan Stanley Expansion Capital, please visit www.morganstanley.com/im/expansioncapital.