Santa Monica, Calif.-based Veggie Grill has raised $11 million in new equity funding. As part of the deal private equity firm Brentwood Associates also agreed to provide additional funding over the next year-and-a-half. Veggie Grill is a restaurant chain focused on American comfort food.
Veggie Grill, Southern California’s feel-good comfort food brand, has completed its third successful round of equity funding to support its sustained expansion. Armed with significant year-over-year growth and strong investor confidence, the company quickly secured the $11 million common stock funding from current shareholders as well as new investors. CEO Greg Dollarhyde confirmed that the company is on track to double within the next 15 months and noted, “The interest we received from investors was quite substantial. Our new capital base will ensure a smooth growth trajectory as we forge ahead to meet the increasing consumer demand for delicious, wholesome food.”
As part of the raise, Veggie Grill has partnered with Brentwood Associates, a California-based private equity firm experienced in successful restaurant ventures. Anticipating future growth past 2012, Brentwood has also agreed to supply additional funds within 18 months on pre-negotiated terms. With heightened investor interest, evidenced by investment subscriptions of more than $25 million for the current round, Dollarhyde and his team are “hustling to meet the demand” for more locations up and down the West Coast.
Dollarhyde came on board as CEO in April with a mandate to strategically and aggressively grow the Veggie Grill brand with co-founders T.K. Pillan and Kevin Boylan. Veggie Grill’s current year-to-date revenue has increased by more than 70% over last year and the company has recently announced plans to expand outside of Southern California for the first time. New locations in Washington and Oregon are forecasted to open during the first half of 2012.
For more information about Veggie Grill visit www.veggiegrill.com, become a fan on Facebook www.facebook.com/veggiegrill and follow the restaurant on Twitter http://twitter.com/VeggieGrill.
About Veggie Grill
Veggie Grill redefines classic American comfort food with flavorful and craveable 100% plant-based soups, salads, burgers, sandwiches and desserts that are made on premise daily. Signature menu items include the “Santa Fe Crispy Chickin’” sandwich, “Sweetheart Fries,” and the “All Hail Kale” salad. The Veggie Grill recently opened its seventh location at the Original Farmers Market at 3rd and Fairfax in Los Angeles as it continues to revolutionize the way guests eat, talk, and think about comfort food.