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April 29, 2022

Vegan food chain Neat Food secures Series B funding to drive growth

The plant-based restaurant chain will use the funding to support its global expansion plan.

Plant-based restaurant chain Neat Food has secured investment in a Series B funding round, which saw the participation of Hollywood actor Leonardo DiCaprio.

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Backed by British motorsports racing driver Lewis Hamilton, the food chain will use the funding to support its global expansion plan and increase its staff headcount.

In a statement, DiCaprio said: “Disrupting our food system with sustainable alternatives is one of the key ways we can make a real difference in reducing global emissions.

“Neat Burger’s pioneering approach to alternative proteins is a great example of the type of solutions we need moving forward.”

The burger chain, which was established by Hamilton and Tommaso Chiabra in 2019, plans to open its first US brick-and-mortar location in New York City later in the year.

Neat Burger plans to open 12 US locations, including both storefronts and ghost kitchens, starting with a New York City site and later moving to other major US hubs.

At present, the restaurant company operates eight locations in London, UK.

It plans to target 42 locations worldwide, including Italy and the Middle East, by the end of 2022, followed by 231 locations by 2024 and 436 by the end of 2026.

Neat Food co-founder and chairman Chiabra said: “Our Series B raise will accelerate our global expansion and entry into the consumer packaged goods (CPG) market, so everyone can enjoy alternatives that not only taste delicious but have a positive impact on the planet.”

Last October, Neat raised $7m in a funding round that was led by SoftBank Investment Advisers CEO Rajeev Misra.

Ethereum cryptocurrency co-founder Anthony Di Iorio, as well as Technogym owner Wellness Holding, also joined the round.

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How is technology having an impact on Consumer buying behavior?

As the world rapidly becomes more connected, it is important for brands to understand the impact that improved technology is having on consumer purchasing behaviors. To react effectively, brands must know how to engage with increasingly digitally savvy consumers. GlobalData’s latest Trend Tracker report provides an analysis of Digital Lifestyles – one of GlobalData's top consumer trends for 2022. The report includes an overview of how digital lifestyles are evolving, including the significant impact that the COVID-19 pandemic had on accelerating digitalization, and how this trend is emerging across different Consumer sectors. Key features included in the report:
  • A breakdown of the trend’s prominence across sectors
  • Insights into consumer online penetration, preferred electronic devices and engagement
  • The key drivers and challenges impacting the digital lifestyles trend
  • A spotlight on key innovations set to reshape the consumer landscape
  • Analysis of what’s next for digital innovations and how brands can leverage the trend
Download this report to keep in touch with the more digital consumer.
by GlobalData
Enter your details here to receive your free Report.

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