Neat Burger raises money from SoftBank’s Misra at $70m valuation

Lewis Hamilton-backed vegan restaurant group Neatberger has completed a funding round led by Softbank’s Rajeev Misra, valuing the company at $ 70 million and enabling it to push ahead with plans to triple its size. ..

Launched in 2019, the plant-based fast food chain has grown from five restaurants in London to 19 eateries and 16 delivery kitchens by the end of 2022, and pea protein in several major British supermarkets. We are planning to release a burger.

Ryan Bishti, a nightclub operator who co-founded a business with his brother Zack and early investor Tommaso Kiabra Beyond Meat, Neat Burger’s “rule of thumb” said it opens one new restaurant each month.

As the site became available at lower rent, the pandemic “accelerated our expansion plans,” he added. The company also aims to open in Italy, the United States and the Middle East.

Neat Burger hasn’t disclosed annual sales, but said it expects sales to increase 300% year-on-year with the launch of the new site. According to Chiabra, 2022 sales will be “double-digit millions.”

The company said Misla had invested some of his personal property in a $ 7 million funding round after hearing about Neat Burger from children.

Neat co-founders Tommy Chiabra and Ryan Bishti

Vegan food producers are enjoying rapid growth as consumers become more aware of the health and environmental implications of eating lean meat.

However, despite large chains such as Burger King and McDonald’s adding plant-based options to their menus, vegan-only restaurants remain relatively scarce.

According to Local Data Company statistics, the number of seated restaurants offering only plant-based menus in the UK has increased from one in 2015 to 92 by the end of June this year.

“All the major brands are adding more and more vegan and meat-free content to their menus. I think we’ll see more and more specialist offerings. [but] Graeme Smith, Managing Director of consultancy AlixPartners, said:

Formula One drivers Hamilton, Vegan, and Founding investor At Neat Burger, the idea behind the chain is to make a plant-based diet accessible to everyone, whether they’re always eating a plant-based diet or want to add it to their diet from time to time. Stated.

Other investors include Anthony Dillorio, co-founder of the cryptocurrency Ethereum, and Wellness Holding, which owns fitness equipment company Technogym.

According to Bishti, Neat Burger is independent of animal protein and sources all its ingredients in the UK, so it wasn’t deficient like other fast food chains like: KFC and Nando’s I had it.

Pea protein supplier warning But last month, a drought in Canada could cause a shortage of plant-based foods.

Neat burger patties usually cost £ 9.99, but despite facing rising labor and energy costs, they plan to launch a £ 1.99 burger next year.

“We know people are feeling a bit of a pinch,” Bishti said.

Neat Burger raises money from SoftBank’s Misra at $70m valuation Source link Neat Burger raises money from SoftBank’s Misra at $70m valuation

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