Veggie Grill Raises $11 Million from InvestorsThursday, October 6, 2011
Veggie Grill, a seven-location restaurant chain offering a vegetarian take on American comfort food, on Thursday said it completed a third round of equity funding to support expansion.
The $11 million came from new and current shareholders. As part of the raise, the Santa Monica company, which relocated from Orange County earlier this month, has partnered with Brentwood Associates, a West Los Angeles private equity firm with experience in restaurant ventures. Brentwood also agreed to supply additional funds within 18 months on pre-negotiated terms.
Chief Executive Greg Dollarhyde, who was brought on in April by co-founders T.K. Pillan and Kevin Boylan, said the company is on track to double in the next 15 months.
“The interest we received from investors was quite substantial,” Dollarhyde said in a statement. “Our new capital base will ensure a smooth growth trajectory as we forge ahead to meet the increasing consumer demand for delicious, wholesome food.”