New funding round leads to a valuation of $1B, grows menu categories, digital platform, supply chain advances in blockchain
Sweetgreen, a health-oriented fast-casual chain, serving creative salads and bowls built around proteins, grains and vegetables, has raised $200M in its latest raise, following a $35M raise just three years ago. This new round was led by Fidelity Investments and leads to a Sweetgreen valuation of $1B. Sweetgreen, which was started in the Washington, D.C. Area, plans to use the investment to further advance its digital platform, it announced.
The new capital will also allow the 90-unit chain to advance its supply chain platform through the use of blockchain and a commitment to transparency while expanding into new markets and expanding healthy-eating initiatives, including its Sweetgreen in schools and workplace offices programs. Sweetgreen will also use the funding to grow its retail format program and add new menu categories.
As a sign of Sweetgreen’s digital initiatives, nearly half of all orders are now processed through the Sweetgreen app or the mobile platform. The company will further advance digital personalization after this new funding round.
“As a company we are focused on democratizing real food,” said Jonathan Neman co-founder and CEO of Sweetgreen. “Our vision is to evolve from a restaurant company to a food platform that builds healthier communities around the world.”
JPMorgan was the sole placement agent for the offering. Sweetgreen has raised $365M thus far since inception.
Photo credit: Sweetgreen