Sweetgreen is reportedly on track to be valued at $1 billion
- Sweetgreen is reportedly raising $200 million in a new round of funding led by Fidelity Investments that would value the company at $1 billion.
- The fast-casual salad chain has grown rapidly since it launched in 2007, opening stores around the US, and launching a mobile ordering platform.
- It has raised over $128 million in funding so far.
Sweetgreen, the fast-casual salad chain that's known for its cult-like following and drawing long-lines during lunchtime hours, is on track to be valued as a billion dollar company, CNBC reported Friday.
The company is reportedly raising $200 million in a round of funding led by Fidelity Investments that would value the company at $1 billion, sources familiar with the matter told CNBC.
Since the concept was launched in 2007 by Georgetown University classmates, Nathaniel Ru, Nicolas Jammet, and Jonathan Neman, it has expanded quickly, opening stores around the US and launching a mobile ordering platform to reduce the long lunchtime lines.
As the company is private, it does not report sales numbers. According to Crunchbase, it has received $128.6 million in funding so far.
In a recent interview with Bloomberg, its founders discussed plans to grow the store base to 100 by the end of the year and expand its digital service.
According to Neman, the company's online ordering revenue is increasing at a rate of 80% year over year.
"By the end of 2018, we will have over 1 million people on our digital platform, and over 50 percent of orders will be processed through our app or online platforms," he told Bloomberg in March.
It has also been dabbling in delivery services. In September, it announced a new no-fee delivery system to corporate offices. 15 locations are currently served with this new service, which is known as Outpost. However, Neman told Forbes that the company could have more than 2,000 in place by the end of next year.
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