EXCLUSIVE: Cava Grill Raises a Fresh $44M to Build Its ‘Mediterranean Chipotle’ Empire
DC Inno has learned that Cava Grill, the Rockville, Md.-founded fast-casual Mediterranean food franchise, has raised a fresh $44 million with new investors Revolution Growth and New York-based Invus Group. Existing backer SWaN & Legend Venture Partners, also from the D.C. area, joined the round.
SWaN & Legend Venture Partners managing director Fredrick Schaufeldtells DC Inno that the raise will be used to fund Cava Grill’s national expansion push and to help strengthen the company’s marketing, sales and in general hiring efforts. “It’s really about expanding the brand … this raise, on the heels of April’s investment, lets us pour gasoline on a really hot concept.”
The news follows an April announcement made by the rising health-oriented, greek food restaurant, commonly referenced as the “Mediterranean Chipotle,” that it had raised a $16 million round led by SWaN & Legend Venture Partners. The Leesburg, Va.-based VC firm is among the first investors to have bet on Cava Grill.
The April raise was, at the time, reportedly intended to help fund the opening of new locations in the Greater Washington, D.C. area—for reference, Cava Grill currently operates 11 locations, locally—and to open the first series of brick-and-mortar locations on the West Coast in Los Angeles.
It’s unclear how much of the new $44 million round will be used to specifically grow the company’s presence on the West Coast, but SWaN & Legend Venture Partners’ managing director said that it would help open storefronts in new regions.