Culver City-based restaurant chain Sweetgreen announced a $200 million Series H round today, bringing the company’s valuation to more than $1 billion.
The latest round of funding was financed by Fidelity and brings the restaurant’s total funding since it was founded in 2007 to $365 million.
The fast-casual chain founded by Jonathan Neman, Nicolas Jammet and Nathaniel Ru counts 90 locations across eight states and 4,000 employees.
The Series H positions the company to create a new food platform with expanded menu categories and innovative retail formats, the company said.
“As a company we are focused on democratizing real food,” said Neman, who serves as Sweetgreen's chief executive. “Our vision is to evolve from a restaurant company to a food platform that builds healthier communities around the world.”
The capital will enable the brand to continue to invest in their supply chain, social impact and a foundation of technology, focusing on the following key areas: Digital platform, supply chain and blockchain, restaurant expansion and social impact, according to the announcement.
Manufacturing, retail and trade reporter Shwanika Narayan can be reached at firstname.lastname@example.org or 323-556-8351. Follow her on Twitter @shwanika.
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