Philadelphia, PA, Dec. 07, 2017 (GLOBE NEWSWIRE) — honeygrow, the Philadelphia-born fast-casual, today announced the close of its Series E fundraise of $18 million. Miller Investments led the round, with continued participation from existing partners. The Series E round was also opened to members of the executive team to participate and truly become owners as well.
The new capital, which brings total amount raised to $70M, will be used in many ways. First, for continued growth in existing markets, including expansion of our minigrow concept which successfully launched in New York City in October. New minigrow stores will be opening in NYC, DC, Boston, and Chicago in 2018. Tech upgrades include a new app combining honeygrow and minigrow loyalty programs while refining the ordering process. Building on the success of its Virtual Reality on-boarding and training program, the honeygrow team is continuing to research and test other technologies that can prove to be meaningful, engaging, and positively impactful to both the employee and guest experience.
Founder and CEO Justin Rosenberg said, “We have a mission to be the best at what we do, providing wholesome, delicious foods with an emphasis on creatively differentiating ourselves from the pack – from menu to guest experience. I’m also beyond excited to continue to expand our new concept, minigrow, as initial results from our first Manhattan location have really exceeded our expectations. 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.”
Since launching in 2012, honeygrow has expanded to include over 20 locations spanning the East Coast and Chicago, with more honeygrow and minigrow locations slated to open throughout the next year. As its ‘honest eating + growing local’ tagline proclaims, honeygrow features the highest quality locally and seasonally sourced ingredients in its stir-fry, salad and honeybar menu options.
About honeygrow® Since June 2012, honeygrow® has aimed to bring people together to enjoy quality, wholesome and simple foods. We focus on eating honestly and spending time doing what matters: from visiting the farms where our ingredients are grown to whipping up sauces and dressings in-house (no freezers in here!). honeygrow® specializes in colorful stir-frys, salads, and honeybar treats featuring local and seasonal ingredients. The company has approximately 350 employees and recently opened its new headquarters in Fishtown, Philadelphia.
honeygrow® = honest eating + growing local. For more information, please visit www.honeygrow.com
For more information on upcoming locations, job fairs and menu updates, follow us on:
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About Miller Investment Management: Miller is a Philadelphia-based investment manager founded in 1998. Miller and its affiliates manage investments in private growth equity, US commercial real estate, and global public securities. The focus of Miller’s private growth investments is partnering with entrepreneur-led, consumer-oriented businesses for the long term, with an emphasis on fast casual restaurants. For more information, please visit www.millerinv.com.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/5c871f27-2ab3-484a-b2f3-a96f44d48fc1
CONTACT: Courtney Flantzer honeygrow 202-997-4515 [email protected]
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