Operations
Cava using $190 M cash influx to expand locations, CPG line
April 27, 2021
Cava, the Mediterranean fast casual brand that acquiredZoes Kitchen in 2018, has landed $190 million in funding from T. Rowe Price Group with participation from The Invus Group, Declaration Partners, Equilibra Partners Management, SWaN & Legend Venture Partners, Mousse Partners, Revolution Growth and Lighthouse Investment Partners, according to the company.
The funding will help the chain open locations in suburbs and cities in the Southeast and Southwest, as well as help it convert more than 50 Zoes Kitchen restaurants to Cavas while also entering several new markets, including adding 14 locations in Atlanta.
"With this round of fundraising, we continue on our mission of serving a brighter future for our guests, our communities and our team members," Cava CEO Brett Schulman told FastCasual. "The new infusion of capital will enable expansion of Cava's footprint through our proven conversion strategy and accelerate investments in technology that enable greater access, drive meaningful scale in digital and off-premises sales, and create an ecosystem of one on one engagement with our guests. Beyond the four walls of our restaurants, the funding will unlock expansion plans for our CPG business, a key growth opportunity."
Lastly, although the chain has always relied heavily on digital operations, it will continue investing in next-generation technologies, laying the foundation for further channel diversification in the future.
