Salad Chain sweetgreen Raises $150 Million
Salad restaurant chain sweetgreen, which has a cult-like following, raised $150 million at a valuation of $1.6 billion.
sweetgreen’s latest funding round was co-led by Lone Pine Capital and D1 Capital Partners. Existing investors also participated.
sweetgreen’s vision and disruption
Founded in 2007 by Nicolas Jammet, Jonathan Neman and Nathaniel Ru, the fast-casual restaurant chain sources only sustainable ingredients.
sweetgreen describes itself as a destination for simple, seasonal and healthy food.
It’s mission: “We’re in the business of feeding people, and we’re out to change what that means.”
It currently operates 97 restaurants and has over 4,000 team members who make and serve the food.
In the funding announcement, the company said it intended to explore new retail formats and elevate the consumer experience.
How sweetgreen will use the money
The company will use the money to invest in technology, data, supply chain, and social impact. It will also develop mobile dining (“the next phase for the future of food”).
sweetgreen intends to expand to new cities in 2020, including Miami, Denver, and Austin.
It will introduce a delivery app in 2020 which will allow customers to order food wherever they are.
The company, therefore, plans to connect with its customers through delivery and at physical restaurant locations.
Its Outpost service, which makes free deliveries at offices, has been a runaway success. A year ago Outpost served 13 locations, but that has already grown to 400.
sweetgreen expects this number to climb to 600 by the end of the year.
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