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Sweetgreen raises $200 million, boosts valuation to $1 billion



Sweetgreen 16
Sweetgreen is known for drawing long


  • Sweetgreen is
    reportedly raising $200 million in a new round of funding led
    by Fidelity Investments that would value the company at $1
  • 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,

 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

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
, 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

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
that the company could have more than 2,000 in place
by the end of next year. 

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