US restaurant and packaged food company Cava Group has secured US$45m in additional funding, which will be used to support plans including the construction of a spreads and dips manufacturing facility.
The Series B funding was led by investment group Invus with participation from existing partner US venture capital firms Swan & Legend Ventures and Revolution Growth.
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"We're thrilled to have the support to help us with significant initiatives in the next year, including enhanced technology for our operations and customer experience, building our team to help execute store growth on two coasts, and a new production facility to support further expansion of our dips and spreads in natural and organic markets," said Cava CEO Brett Schulman.
Cava products are sold in Whole Foods stores on the east coast and in the midwest and distribution will "soon" expand into southern California. Cava Grill has 11 locations in the Washington, D.C. metro area and is set to open the first of several restaurants in the Los Angeles this month.
"This financing represents another major milestone in Cava's remarkable growth," said Todd Klein, MD of Swan & Legend. "We look forward to working with our new partners and management to bring delicious, nutrient-rich food to consumers nationwide."
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