Luxury spending surged during the pandemic with lockdowns decreasing travel and dining. Discretionary income was funneled over to luxury jewelry, fashion, and automobiles. Last Crumb is a direct-to-consumer, luxury, premium cookie brand looking to capture some of that disposable income with its unique offering. Borrowing elements from the sneaker industry like drops and relative scarcity, the company offers a core collection of twelve cookies that offers flavors like The Madonna (peanut butter), Netflix and Crunch (cinnamon, graham cracker, cinnamon filling), and Donkey Kong (pudding, marshmallows, white chocolate, vanilla wafer). Drops happen every week and are relayed through text and email with pricing starting at $12/cookie. Last Crumb ships nationwide and cookies are guaranteed to be fresh for two weeks without the need to freeze.
LA TechWatch caught up with Last Crumb CEO and Cofounder Matthew Jung to learn more about the business, the company’s strategic plans, latest round of funding, and much, much more…
Who were your investors and how much did you raise?
For this Seed Round, Last Crumb raised $3M. The Seed round is led by Electric Feel Ventures, the venture capital fund associated with entertainment management Electric Feel Entertainment, known for amplifying cutting-edge entertainment and culture. Alongside their growing powerhouse list of investors, many of whom also participated in this round of funding, Last Crumb also welcomes Chetrit Ventures, hospitality entrepreneur David Grutman, fashion retail pioneer Andrew Rosen, and Venus ET Fleur founders Seema Bansal and Sunny Chadha to their family from this round.
Tell us about your product or service.
Last Crumb was created so customers never have to settle. Each of Last Crumb’s cookies was developed to bring a new shared experience with every bite. We offer the world’s most premium cookies, with nostalgic and creative flavors, expertly crafted with uncompromising quality, the best ingredients, and delivered with luxe packaging you’ll want to show off.
What inspired the start of Last Crumb?
Last Crumb was inspired by the excitement for products that bring a new experience to people every time. Honing in on the buzz around ‘drop culture,’ Last Crumb was created to be the brand that delivers an unparalleled moment in every bite.
How is it different?
The brand’s obsession with sourcing the finest ingredients led to testing 100 different chocolates, dozens of flours, dried fruits, sea salts, vanillas, and more to find the perfect components. A symphonic combination, every element of the bespoke cookies is perfectly balanced to tell a unique story through flavors like Better Than S*x (an elevated chocolate chip cookie sprinkled with salt), The Madonna (a decadent peanut butter cookie), or their newest cookie What’s Up, Doc (a carrot-packed cookie with tangy cream cheese frosting). As fans join a waitlist, eager to purchase the next cookie drop, Last Crumb is synonymous with being an exclusive item that has limited availability.
What market you are targeting and how big is it?
Last Crumb is part of the luxury goods market and among leading brands, has already created a unique hold for themselves.
What’s your business model?
Last Crumb sells luxury cookies online through limited releases only to our e-mail and SMS list. Since our cookies are made in small batches, we release a limited number at a time for purchase. Ahead of every new batch release, our customers have the chance to sign up for our purchase waitlist and if they register in time, will be able to get their own box of Last Crumb.
What are your post-COVID office plans?
As we will always need to have in-person kitchen staff and brand operations, our team will continue to operate as a hybrid organization. We see the future of building our brand team as an organization that can run remotely.
What was the funding process like?
In true Last Crumb fashion, the round opened and closed in about a week – similar to their cookie drops – with more investor interest than the brand had allocation for.
What are the biggest challenges that you faced while raising capital?
Our number one challenge was finding the right investor that embodies our brand values and mission. Last Crumb has a goal to create a new luxury goods category and as we looked to raise capital, we wanted to find like-minded people that would help us on our journey forward.
What factors about your business led your investors to write the check?
While we are a smaller team, it was how we showcased our growing success to investors that ultimately led to their involvement. Our product speaks for itself as we’ve developed an undeniably unique product with a lean but mighty team.
What are the milestones you plan to achieve in the next six months?
Last Crumb looks forward to using this round of funding as they expand its marketing and sales divisions. Growing those sectors of the business will help the brand significantly expand its operation and acquire more eager fans.
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
Stay focused and disciplined. There is no golden ticket that will immediately work. Stay focused on what is working, even if it might not be as fast of a growth as you’d like. Stay disciplined in managing your cash flow and balance sheet.
Stay focused and disciplined. There is no golden ticket that will immediately work. Stay focused on what is working, even if it might not be as fast of a growth as you’d like. Stay disciplined in managing your cash flow and balance sheet.
Where do you see the company going now over the near term?
We will continue to focus our energy on growing our online business and building our marketing side.
What’s your favorite outdoor activity in LA?
Surfing and Golfing.
