Restaurant Chain Sweetgreen Raises $200M USD To Invest In Blockchainbr>
Restaurant chain Sweetgreen has announced a $200 million financing round led by Fidelity Investments. The round, which values sweetgreen at over $1 billion, brings total equity raised to approximately $365 million.
Founded in 2007, Sweetgreen is a fast casual restaurant chain that serves salads. It has 90 stores in operation across the United States, in California, Illinois, Massachusetts, New York, Maryland, Pennsylvania, Virginia, and the District of Columbia. The company’s strong food ethos and investment in local communities has enabled them to grow into a national brand with a mission to build healthier communities by connecting people to real food.
The company said that the new capital will be used towards the development of a new food platform with expanded menu categories and innovative retail formats. It will also invest in blockchain technology to enhance supply chain process and improve visibility and transparency.
“Sweetgreen views blockchain as the most viable solution available to enable radical transparency at a systematic level, which in turn can create better tasting produce and insights around each ingredient from seed to restaurant,” the company said.
Currently, Sweetgreen has over one million people on its digital platform and almost 50% of customer orders are processed through its app or online platforms. The company believes that software focused on personalization can help meet customers growing demand for easily accessible, real food.
“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.”