Honeygrow raises $18 million in latest round of funding
Honeygrow, a Philadelphia-born concept, has raised $18 million in Series E fundraising. The capital, which brings the total amount raised to $70 million, will help the brand expand into existing markets, including expansion of its minigrow concept, a streamlined version of the brand that launched in October in New York City, according to a company press release. Minigrow stores will open next year in NYC, D.C., Boston and Chicago.
The funds will also go toward tech upgrades, including a mobile app combining honeygrow and minigrow loyalty programs while refining the ordering process,founder and CEO Justin Rosenberg said, in the release. Also, building on the success of its virtual reality on-boarding and training program, the honeygrow team is continuing to research and test other technologies to improve the employee and guest experience.
Miller Investments led the round with continued participation from existing partners. The round was also opened to members of the executive team.
"I am extraordinarily grateful to continue to partner with an amazing investment team and for the first time, members of our excellent executive team, all who share one vision: To create and execute a sustainable brand, distinct from all else out there," Rosenberg said.
The chain, which opened in 2012, has more than 20 locations spanning the East Coast and Chicago.