Sweetgreen raises $150M, plans delivery launch
New funding fuels store expansion, social impact, Sweetgreen delivery launch
Sweetgreen raised $150M in a new round led by co-led by Lone Pine Capital and D1 Capital Partners. Existing partners also participated to value the company at $1.6B. In November, Sweetgreen raised $200M in a round led by Fidelity Investments. As with the earlier round, the plant-forward fast-casual chain will also use this new capital to further invest in technology, supply chain, the Sweetgreen delivery launch, and social imperatives.
“This foundation will allow us to push boundaries and broaden our impact, doing even more with our suppliers, partners, and technology so that together we can bring about industry-wide change.” said Jonathan Neman, co-founder and chief executive of sweetgreen.
New funding to fuel growth
Los Angeles-based Sweetgreen, serving creative salads and bowls built around proteins, grains and vegetables, plans big expansion across the United States. Sweetgreen’s targeting Miami, Denver, Colo, and Austin, Texas as new markets. Also, Outpost, its free delivery system to offices, has grown from 13 locations to 400. The company plans an additional 200 stores joining Outpost by the end of the year. Sweetgreen acquired Washington, D.C.-based Galley Foods in June to adopt its delivery expertise and technology.
[Related article: Sweetgreen acquires Galley Foods]
In addition, the plant-forward fast casual continues to invest in mobile. Digital orders have become half of the orders that come into Sweetgreen. Delivery has risen as an important vehicle for growth for quick-service chains. The Sweetgreen delivery launch is slated for 2020 and be available on the chain’s mobile phone app,
Social impact has also turned into one of the pillars of what Sweetgreen is. The restaurant company will continue to invest in FoodCorps. Through a new, $1M investment, Sweetgreen continues to “support FoodCorps’ work in schools and cafeterias, where their hands-on learning gets kids to eat 3x more fruits and veggies.” The aim is to put more healthy food in front of children.
Photo credit: Sweetgreen (featured preview image)
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