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Swig investor Savory Fund secures $200M to scale Hawkers, South Block

Photo: Savory

October 13, 2026

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Savory Fund has closed its oversubscribed third fund at $201.5 million, topping its initial $200 million target as it looks to back the next wave of high-growth fast-casual and dining concepts.

The Utah-based firm, known for scaling category leaders like Swig and Mo' Bettahs, said Fund III drew a mix of returning limited partners and major financial institutions. About 35% of the capital is already deployed across four brands: South Block, Bonrue Bakery,Hawkers Asian Street Food and Zao Asian Grill.

"Raising a fund is a vote of confidence, and our investors voted loudly," Andrew K. Smith, co-founder and managing director of Savory Fund, said in a company press release. "The majority of our third fund's LPs invested with us in Fund I or II. They've been here as we've helped scale 13 restaurant brands across the country... Seeing major banks join them was a proud moment for us."

Savory's strategy centers on taking founder-led, profitable concepts in the quick-service, fast-casual and casual dining sectors and providing both financial growth capital and operational execution. Led by CEO Clay Dover, the firm's hands-on operating platform assists portfolio companies with supply chain, real estate, technology and site development.

Fund III is expected to back eight to nine restaurant concepts in total. The initial four portfolio additions highlight a diverse range of market opportunities:

• South Block: A better-for-you acai bowl and smoothie concept expanding beyond its Washington, D.C.-area footprint.
• Bonrue Bakery: A European-style patisserie with a strong regional following in Utah.
• Hawkers Asian Street Food: A Michelin Guide-recommended concept generating high average unit volumes (AUVs) and customer frequency.
• Zao Asian Grill: A fast-casual Asian restaurant chain reporting nearly 20% same-store sales growth.

"Capital is the part of our business that's easiest to explain, but it isn't what sets Savory apart," Shauna K. Smith, co-founder and managing director of Savory Fund, said in a company press release. "What our investors are really backing is the team behind the checks: operators who have opened restaurants, built playbooks, and know what it takes to scale without losing what made a brand special."

Founded in 2018, Savory manages over $750 million in assets across 13 restaurant brands and more than 400 locations in 27 states.

The firm's notable growth plays include customized beverage chain Swig, which expanded from 17 to 46 units before selling a majority stake to The Larry H. Miller Co. in 2022, and Hawaiian-style eatery Mo' Bettahs, which scaled from six to 56 locations prior to selling a majority stake to Blue Marlin Partners and Trive Capital in 2024. Savory maintains minority stakes in both companies.

With four to five investment slots remaining for Fund III, Savory said it is seeking partnerships with emerging, founder-led concepts ready for nationwide expansion.