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Plant Power Fast Food has secured a US$7.5 millionSeries A, which the company claims is the largest funding round for a plant-based fast food chain globally, and which will enable the chain of 100% vegan fast food restaurants expand across the U.S. by opening eight new outlets.
Southern California-based Plant Power Fast Food recently closed its Series A capital round led by Helia Capital USA, a subsidiary of Fusion Ventures, Eat Beyond Global Holdings and Batta Foods along with additional funding from philanthropist Aileen Getty.
Since its opening back in 2016, the unofficially dubbed “vegan version of McDonald’s” Plant Power Fast Food has been offering 100% plant-based burgers, fries, shakes, buffalo wings, “chicken” tenders,”, salads, wraps, kombucha floats, breakfast dishes, and desserts including the popular “Big Zac” burger to customers.
With seven locations and a year-on-year enterprise-wide retail net sales growth of over 50%, Plant Power witnessed massive growth in 2020 despite the pandemic and the chain plans to use the new capital to open eight new outlets including in one in Sacramento, one in Hollywood, an on-campus location at the University of California in San Diego, and two in Las Vegas, with one drive-thru enabled outlet already underway.
In a press release seen by Green Queen, co-founder and co-CEO of the fast-food chain, Zach Vouga said that the funds will help the chain continue to carry out its expansion plans with a focus on new corporate unit development. Speaking about meeting the right investment partners, he said: “It’s important that the capital comes in tandem with an unwavering belief in our mission to change the world.”
It’s important that the capital comes in tandem with an unwavering belief in our mission to change the worldZach Vouga, co-founder and co-CEO of the fast-food chain
In addition to this, the Group has added the director of mergers & acquisitions at Fusion Ventures, Sebastien Koechli to its board of directors, and aims to use his 15 years of experience in private equity investing, M&A, and business finance to further accomplish the plant-based mission of the chain.
Chief financial officer of the Group Ed Har stated, “Sebastien brings an extraordinary level of corporate finance experience to the team and his strong acumen is something we really needed as we look ahead and work towards some important milestones.”
Plant Power Fast Food has built something unique and scalable, and the brand has captured the hearts of aspirational consumers whose needs are evolvingLee Piccoli, chief executive officer of Fusion Ventures
“At Fusion Ventures, our mission is to invest in purpose driven companies that are a rare combination of pure passion and operational excellence, which is the core of any truly great enterprise. Plant Power Fast Food has built something unique and scalable, and the brand has captured the hearts of aspirational consumers whose needs are evolving,” concluded Lee Piccoli, chief executive officer of Fusion Ventures.
Lead image courtesy of Plant Power Fast Food.