US-based fast-casual restaurant chain Sweetgreen has secured a $200m funding through a financing round led by asset management company Fidelity Investments.
This financing round will bring the total equity raised by the restaurant chain to approximately $365m and values Sweetgreen at over $1bn.
Using the investment, the company will focus on developing into a new food platform with expanded menu categories and innovative retail formats along with supply chain, social impact, and technology.
Sweetgreen co-founder and CEO Jonathan Neman said: “As a company, we are focused on democratising real food. Our vision is to evolve from a restaurant company to a food platform that builds healthier communities around the world.”
The restaurant chain also plans to expand its presence in existing and new markets as well as expand its food catering service, Outpost, through its existing digital platform and mobile app.
Sweetgreen will also focus on the ‘sweetgreen in schools programme’ for school cafeterias and food education.
In September, the fast-casual chain introduced a new catering service called Outpost on a pilot basis for corporate employees.
To use the service currently offered for free, customers are required to place orders through the restaurant chain’s website or app. The food is then delivered with the customer’s name on it to kiosks located in a companies’ corporate headquarters.