Vegan fast-food chain Neat Burger is now valued at a whopping $100 million, thanks to its successful series B funding round
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Vegan fast-food chain Neat Burger has raised $18 million in its latest investment round.
The eatery – backed and founded by F1 champ Lewis Hamilton – secured the impressive sum from investors including LionTree and Real Madrid.
Its valuation now stands at a whopping $100 million.
Reports say the money will be used to open another US location, as well as three more London outlets, in the next two years.
The round was led by B-Flexion, a private institutional investment firm founded by Ernesto Bertarelli, which has an increasing number of investments focused on sustainability.
Commenting, Chiara Bertarelli said: “I love how Neat Burger is on a mission to make plant-based eating more accessible to everyone. Our generation is paving the way and driving this change, with research showing once Gen-Z adopt a vegan or flexitarian diet, 70% stick with it.”
A ‘food revolution’
Co-founder Zack Bishti says the company had put the breaks on its ambitious expansion plans following factors such as record-breaking levels of inflation.
However, he told the Financial Times the company still has what it takes to rival fast-food giants like Five Guys.
In a statement sent to Vegan Food & Living, Tommaso Chiabra, another Neat Burger co-founder, added: “We’re just scratching the surface of the biggest food revolution we will ever witness.
“We are thrilled to have reached this major milestone in Neat Burger’s journey with a successful fundraise from previous investors alongside an impressive group of new investors. This is a pivotal moment for our business, and it allows us to accelerate our growth plans.
“With the successful launch of our New York location and record first quarter under our belt, we have demonstrated the strength of our brand, and are now well-positioned to bring our award-winning plant-based food to the growing number of consumers in the US and worldwide who are embracing a healthier and more flexitarian lifestyle.”
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Neat Burger co-founders Zack Bishti and Tommaso Chiabra plan to expand the business in a bid to rival fast-food giants like Five Guys. Photo © Neat Burger
Neat Burger expansion
Last month, Neat Burger made its highly-anticipated debut in the United States*, and opened its doors to hungry New Yorkers.
Its opening day was a roaring success, with videos of queues forming down the street being shared on social media.
“We can’t get over the plant-powered energy of today!” Neat Burger wrote online.
“So many (literally hundreds!) of you came to celebrate our grand opening. It means the absolute world that you’re joining the mission to make plant-based food more accessible and delicious than ever before!”
*Neat Burger’s first US outlet is located at 25 Cleveland Pl, New York, NY 10012, United States
In the mood for a burger? Check out these incredible vegan burger recipes!
