Garden Bar, a portfolio company of Elevate Capital, is merging with Evergreens. Financial terms weren’t announced. Garden Bar, of Portland, makes and sells salads.
PORTLAND, Ore., Aug. 28, 2019 /PRNewswire/ — Elevate Capital, Oregon’s first venture capital fund that supports inclusion and diversity by targeting entrepreneur investments in women and minorities (including people of color), announced today that Garden Bar, an Elevate Inclusive and Capital Fund portfolio company since 2016, has joined forces with Evergreens to forge a stronger, unified brand in the Pacific Northwest food industry.
Garden Bar and Evergreens share the same goal—to make healthy eating on the go better. This new partnership will combine Garden Bar and Evergreens resources to support 350 employees in Oregon and Washington at 26 locations, with three more forthcoming.
“This is not your typical company exit,” says Ana Chaud, Founder and CEO of Garden Bar since 2014. “I still have a lot to contribute to our partnership with Evergreens and I will stay on as the Vice President of Brand Development for Evergreens.” In the interim, Garden Bar’s nine restaurants will be known as “Garden Bar by Evergreens” and will eventually transition to the Evergreens name.
“When one of our portfolio companies successfully exits, that’s when we create substantial value in the local economy,” says Nitin Rai, Founder and Managing Director of Elevate Capital and President of TiE Oregon. “We’re thrilled that this exit allows Ana to take her brand to a higher level by partnering with Evergreens. We will continue to provide support to elevate all our portfolios to their next round of funding. Our mentoring is all about making the entrepreneur and the company extremely successful and it will create more jobs in the local economy.”
“Garden Bar is more than a healthy restaurant—we’re a lifestyle brand,” said Chaud. “Today, people value meaningful experiences, not just a product or service. Combining Garden Bar with Evergreens’ vision and culture is the perfect opportunity for two great brands to make an even bigger difference in the Pacific Northwest—where our guests win with faster ordering, better ingredients, easier pricing, and a better experience all around.”
“The substantial support and investment from Elevate Capital and TiE Oregon Angels put us ahead of the game by focusing on three things: validation, community support, and helping us grow our personal brand,” added Chaud. “Having Elevate Capital in our corner to provide ongoing support and mentorship along our journey gave me self-confidence, motivation, and encouragement.”
“I started Elevate Capital with a mission to invest in promising entrepreneurs, targeting entrepreneurs who are challenged and underserved with raising funding,” said Rai. “It’s important for us a nation—and even globally—to do our part. At Elevate Capital, our mission is to help create wealth and opportunities, investing intentionally, supporting ideas, and making a positive impact.”
About Elevate Capital
Elevate Capital is a Pacific Northwest-based venture capital firm that invests in early-stage underrepresented entrepreneurs, including women, and minorities that include communities of color, veterans, and entrepreneurs located in underserved areas. Elevate Capital makes these through two funds, the Elevate Capital Fund and the Elevate Inclusive Fund. Since 2016, Elevate Capital has invested more than $7.5 million in 35 diverse startups in the Pacific Northwest. For more information, visit elevate.vc or follow Elevate Capital on Twitter, Facebook and LinkedIn.
SOURCE Elevate Capital