Fryzza: Thelen and Dümmel Back Airfryer Pizza Startup on DHDL

The founders of Fryzza, a frozen pizza designed for air fryers, secured an investment on the German TV show "Die Höhle der Löwen" (DHDL). Investors Frank Thelen and Ralf Dümmel made a joint offer of 350,000 euros for 28.57 percent of the company, and the founders accepted. According to people close to the investors, the deal has since closed.

Taste wins, valuation divides

Star chef Alexander Wulf, sommelier Ronny Schreiber and TV presenter Dieter Könnes had asked for 350,000 euros in exchange for 10 percent, implying a valuation of 3.5 million euros. They said they had generated half a million euros in revenue within six months and were already sold in 700 stores. The pizza is made from natural sourdough baked in a stone oven, hand-stretched and topped by hand, and it is rectangular so it fits into an air fryer. It bakes in five to six minutes and comes in four varieties: tuna, salami, mozzarella and veggie.

The investors loved the taste but considered the valuation too high. Carsten Maschmeyer and Judith Williams dropped out, citing a lack of focus: none of the founders works full-time on Fryzza, and the team was already developing a chilled variant. Janna Ensthaler made an offer of 350,000 euros for 20 percent, saying exceptions to the rule are possible. Thelen then made one himself, despite his view that food startups need full focus, and teamed up with Dümmel.

What happens next

According to a press release, the partnership is running at full speed and much is moving faster than planned. Thelen said the product was built from the ground up for a new way of cooking, with Dümmel bringing air fryer expertise and himself bringing experience in scaling brands. For Thelen, Fryzza joins Y-Food, Ankerkraut and 3Bears among his DHDL food investments.

Könnes said the founders and both investors met at the Troyka restaurant after the show. Through Dümmel's network, Fryzza is to appear briefly as a promotion at Lidl, and Bofrost has come on board as a further partner. New varieties are in the pipeline, including a finished "Speciale", plus gluten-free and high-protein versions. Könnes said the market must show these are more than a niche interest. The founders' part-time status is no longer an issue, he added.