Fast-casual chain will use the investment to grow in new markets
.svg?width=1280&auto=webp&quality=95&format=jpg&disable=upscale "Nation's Restaurant News")
Cava Group Inc. has received a new $30 million investment from existing equity holders to expand its Mediterranean-focused Cava Grill chain, the company said Tuesday.
Washington, D.C.-based Cava Group said the Series C funding came from existing private-equity group Invus, along with venture capital firm Revolution Growth and Swan & Legend. The three investors were in a $45 million Series B investment in Cava in September 2015.
“We’re thrilled to be closing our Series C funding round with existing partners who have supported us from the beginning,” said Brett Schulman, Cava CEO, in a statement. “This investment will help to fund our restaurant expansion, as well as support ongoing innovation and new product lines in our packaged food business.”
The company said in a press release that the new investment “will help fund Cava’s expanded growth with three new markets in 2018, including Boston, in addition to further growth in their current markets, including six new locations in the greater New York City area in 2017.”
Cava has 27 restaurants in the Washington, D.C., area, Los Angeles and Orange County in California, and in New York City.
Cava’s packaged dips and spreads are sold in more than 200 Whole Foods Market stores on the East Coast, in the Midwest and in Southern California.
Childhood friends Ted Xenohristos, Ike Grigoropoulos and executive chef Dimitri Moshovitis created the first Cava restaurant in 2011.
Contact Ron Ruggless at [email protected]
Follow him on Twitter: @RonRuggless
