$35 million funding
Sweetgreen receives $35 million in additional investments from T. Rowe Price and Revolution Growth bringing the company’s total funding to $95 million. The investment will be used for technology, building its supply chain and building the sweetgreen team, both at the corporate level and hiring employees for new stores.
We’re making huge investments in training and development. . . . We want to bridge the gap between health and convenience, but do it at a national scale.
$18.5 million funding
Revolution Growth invests another $18.5 million into sweetgreen bringing its total to $40.5 million.
The words ‘seasonality’ and ‘fast food’ are rarely used together, but at sweetgreen, we believe that the two don’t have to be mutually exclusive — it just takes a commitment to standing behind our food ethos and working with farmers that share the same values.
They currently have 27 stores on the east coast.
$22 million funding
Revolution Growth invests $22 million dollars in sweetgreen. The investment will go towards national expansion of its stores, building its team and corporate culture, and growing community programs and marketing initiatives. Case, Revolution Growth’s co-founder, is joining the board and acting as advisor.
We are incredibly proud to partner with Steve Case and Revolution Growth, a company that not only knows how to build and scale some of the most exciting brands, but embraces our core values. This investment will enable us to bring sweetgreen’s original vision to life in more communities across the country, continue to build an outstanding team of people, and support our local farmers and communities. It’s what we set out to do when we opened our first sweetgreen in Georgetown six years ago, and we could not be more excited for the company’s future.
First year success
Sweetgreen has seen strong sales over the past year and has made a significant profit selling salads, wraps and yogurt despite the fact that its store is small and only has a few tables and benches. Their customers are mostly young adults and students.
Before we opened, we outlined three financial projections: worst case, most likely case and best case. And, over the past year, we have performed financially at least in best case or over.
Opens first store
Georgetown University graduates Nicolas Jammet, Jonathan Neman and Nathaniel Ru open their first store in Georgetown. They want to connect with people through food. Because they have nowhere healthy to eat, they decide to start a healthy restaurant that is fun and also promotes their core values. They focus on creating a farm to table experience from food that is locally sourced.
Sweetgreen was born when we were still students. The three of us really bonded over the fact that there was something missing in our life — we had nowhere healthy to eat. . . . We wanted to create something healthy, that was fun. Wouldn’t it be cool if there was someplace that did our values. We shared this passion for creating something and we just decided to close our eyes and do it.
