Washington, D.C.-based fast-casual salad chain Sweetgreen is keen on the slow but certain approach to growth, according to its CEO. But that approach appears to be paying off, judging by the company's news today of a new $35 million funding round, the company's largest to date.
The Series F round was led by T. Rowe Price, and comes less than a year after Sweetgreen raised an $18.5 million round led by Revolution Growth, which also participated in this new funding.
"It was an opportunistic round for us," Sweetgreen CEO Jonathan Neman told DC Inno. "It wasn't something we needed, but we are happy that it happened."
"We can disrupt the national players with out transparent supply chain and break the mystery of where food come from."
Like for the previous funding, the goal for the new money is focused on boosting the number of Sweetgreen locations. Right now there are 31 Sweetgreen stores—up from 27 a year ago—and more than 1,000 employees following the company's expansion to the West Coast. The chain has come a long way from its initial D.C. location in 2007, and Neman laid out some major ambitions for the company's next step.
"We're going to double down and hire ahead of the growth curve," Neman said. "We can disrupt the national players with out transparent supply chain and break the mystery of where food come from."
Sweetgreen's funding stands at $95 million to date, a huge sum for what seems like a pretty straightforward concept, but some of the money goes into less-obvious developments, including technological research. More than a quarter of all its transactions already go through Sweetgreen's online payment system and its recently launched mobile ordering system is gaining in popularity.
"Tech enables a frictionless experience," Neman said. "It's the magic behind the scenes."
The specific growth plan is still in the works, but more locations in California and in the greater D.C. area are definitely on the horizon, Neman said.
"The market is even bigger than we thought," Neman said. "We bridge the gap between health and convenience, and people appreciate that."
