July 1, 2015
Washington, DC based sweetgreen today announced a new series F of $35M to continue to expand into new cities and advance their mobile technology. Founded in 2007 in a small Georgetown and initially backed by friends and family, this is the third and largest raise for the healthy food destination. In all, sweetgreen has raised $95M to date.
Sweetgreen is noted to be more than just a healthy provider of salads, but also a locally sourced farm-to-table community member who prides itself on creating a robust lifestyle. Each of their restaurants features foods from local farmers, using sustainable materials, and provides educational programs to local schools. So what is their recipe for success?
“Our secret ingredient is simplicity. We believe food tastes best when it’s in season,” the sweetgreen co-founders said in their announcement post. “From the seed to the store, we’re involved in every step of the supply chain, working with partners we consider family. Our recipes are intentionally simple. We make everything from scratch in each sweetgreen every day, using produce delivered that morning. Simply put, we follow mother nature’s lead.”
Sweetgreen will continue to grow their lifestyle brand to another 10 locations in the Los Angeles, Santa Monica, New York, Boston, D.C. and Philadelphia markets; and two new markets in 2016. They currently have more than 1,000 employees at 31 restaurants across the East Coast and California, and do not plan on franchising them in the future.
“We’re approaching this next phase of growth with the same passion and purpose we founded sweetgreen on, and we’re honored to have the support of investors who believe in our mission,” said Jonathan Neman, Co-Founder and Co-CEO of sweetgreen. “As we continue to open new locations and grow into a national lifestyle brand, this funding will further enable us to innovate in technology and supply chain – to bridge the gap between health and convenience.”
The series F investors have deep roots in the Washington DC tech space. The round was led by T. Rowe Price, backed by prior investor Revolution Growth, AOL Founder Steve Case, and Ted Leonsis.
“We believe sweetgreen has the rare combination of mission-focused culture, excellent products and a strong business model that has the potential to create a market defining-category leader,” said Henry Ellenbogen, portfolio manager at T. Rowe Price.
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