Plant-based fast food chain completes $ 7.5 million Series A raise
San Diego-based Plant Power Fast Food completed its $ 7.5 million Series A fundraiser led by Helia Capital USA Inc., Eat Beyond Global Holdings and Batta Foods with additional funding from Aileen Getty and individual investors, according to a press release from its parent company, Plant Power Restaurant Group LLC.
Co-founder and co-CEO Zach Vouga said the funds will be used to further expand the chain, with a focus on the development of corporate units. Vouga also spoke about the importance of finding the right investment partners.
“It is important that the capital comes in tandem with an unwavering belief in our mission to change the world,” Vouga said in the statement. “We are delighted to have been able to develop key strategic partnerships that open up a range of new funding opportunities as we continue to execute our growth strategy.”
As a step in a startup’s fundraising process, Series A marks the beginning of venture capital funding, so the announcement marks a critical moment for the company and the chain that is focused on a restoration. quick practical, durable and healthier.
Restaurant group Plant Power also announced that it has appointed Sébastien Koechli, director of mergers and acquisitions of Fusion Ventures, to its board of directors, which the company says brings more than 15 years of experience in capital investments. investment, mergers and acquisitions and corporate finance internationally in a wide range. industries.
“Sébastien brings to the team an extraordinary level of corporate finance experience,” said Ed Har, CFO of Plant Power Restaurant Group, in the statement. “His insight and ability to provide advice is something we really needed as we look ahead and work towards important milestones.
Currently, Plant Power has seven stores with eight more planned openings in Sacramento, Hollywood, Las Vegas and the living and learning district of North Torrey Pines on the University of California San Diego campus. The company has experienced year-over-year, company-wide net retail sales growth of more than 50% (2019 to 2020).