By Chloe, the 10-unit vegan fast-casual concept, has closed on an investment with a group led by Bain Capital Double Impact, the companies said Thursday.
New York City-based By Chloe, which was begun as a division of ESquared Hospitality, said it would use the investment to double its number of units. Terms of the deal were not disclosed.
The lead investor is Bain Capital Double Impact, an affiliate of Boston-based Bain Capital, and included New York-based early stage investor Kitchen Fund, the Collaborative Fund, TGP International/Qoot International and other unnamed investors.
“We are thrilled to partner with Bain Capital Double Impact, Kitchen Fund and our other strategic investors,” said Samantha Wasser, by Chloe’s founder and creative director. “Their support and belief in the By Chloe brand will only help to further our ability to bring delicious, accessible and affordable plant-based food to the masses.”
By Chloe was founded in 2015 and now has five locations in New York City, two in Boston and one each in Los Angeles, London and Providence, R.I.
After a lawsuit filed by the concept’s then-co-founder Chloe Coscarelli, an arbitrator ruled in May 2017 that ESquared Hospitality, which also owns the BLT Steak brand, could terminate ties with the namesake chef and grow the concept.
The concept was started near the Manhattan campus of New York University by Coscarelli, a vegan chef best known for winning the Food Network’s “Cupcake Wars” competition, and Wasser, daughter of ESquared Hospitality CEO Jimmy Haber.
It was named a Nation’s Restaurant News’ Menu Masters honoree in 2017 and a Breakout Brand in 2016.
“By Chloe is a unique, authentic brand and dining concept with exceptional customer loyalty and engagement,” said Warren Valdmanis, a managing director at Bain Capital Double Impact, in a statement.
“Bain Capital has a long and successful history of investing in and supporting restaurant businesses,” Valdmanis added. “We are excited to partner with Samantha and her team to drive the continued growth of the business and to fulfill the mission to promote healthy food and lifestyles.”
By Chloe this year plans a location in New York City’s South Street Seaport, a third location in Boston’s Back Bay and additional London locations.
TGP International and Qoot International will explore expansion possibilities in the Middle East, the companies said.
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