Fast-casual salad chain Sweetgreen announced what the company is calling its “second act” with a $200m financing round led by Fidelity Investments.
The round brings the green-slinger’s total funding to around $365m at a $1B valuation — and phase 2 involves a lot more than salad dressing.
Co-founded in 2007, the company has amassed a cult following among American millennials throughout 90 locations across 8 states, but salads are so 2018 — even for… a salad company.
Co-founder Jonathan Neman told Forbes that with the new funding, the company looks to go “beyond a food company” and become a full-fledged platform. And, you know what that means… blockchain.
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Sweetgreen’s calling card is fast food with fresh-sourced, healthy ingredients, and they plan to use blockchain to beef up their supply chain for the ultimate farm-to-salad-bar experience.
The company is also doubling down on delivery by personalizing each app to its specific user. Almost 50% of customer orders are processed through Sweetgreen’s app because, as Sweetgreeners know, they don’t allow you to pay with cash.