News

Philly’s honeygrow closes $25M in financing

The Philadelphia-based fast casual concept, honeygrow, has received $25 million of committed financing, of which $5 million represents sale of interests by certain existing owners.

June 22, 2015

The Philadelphia-based fast casual concept, honeygrow, has received $25 million of committed financing, of which $5 million represents sale of interests by certain existing owners, according to a company press release.

The financing was led by Miller Investment Management and included participation from existing investor Brook Lenfest. Justin Rosenberg, CEO and co-founder of honeygrow, said the funding will be used to expand honeygrow locations, continue the enhancement of technology and further develop the honeygrow management team.

“It was critical for honeygrow to partner with a group that could focus on what makes us successful: our unique start-up nature and culture, love for the entrepreneurial spirit, and passion for product and brand, rather than just the fast-casual space because of its current popularity," Rosenberg said. "Miller Investments genuinely understands the mindset of a founder and entrepreneur, which is critical for the honeygrow team and myself. We’re proud and excited to be a Philadelphia startup that only three years ago was nothing more than a business plan and pipe dream.”

Founded in 2012, the concept emphasizes wholesome and honest eating through stir-fry, salad, smoothie and honeybar offerings, Rosenberg said. Striving for uniqueness in everything from food quality and vibrancy to the store design and custom touchscreens, honeygrow’s menu is prepared fresh daily featuring local and seasonal products. Honeygrow has current locations in Philadelphia and New Jersey. Additional locations scheduled to open this year include Hoboken, New Jersey; Wilmington and Newark, Delaware and on the campus of the University of Pennsylvania.