How these 33-year-olds are taking Sweetgreen from a dorm room start-up to the 'Starbucks of salad.' via CNBCMakeIt
Sweetgreen is the first-ever unicorn salad start-up, luring lunchtime lines across the country with its millenial- and Gen Z-friendly $12 salads. Now ,the brand that brought the farm-to-table trend to fast-casual dining wants to be"the Starbucks of salads."
Neman, Jammet and Ru, all now 33, settled on the concept for Sweetgreen — fast but healthy meals that taste good and feature ingredients from local farmers — before they'd even finished taking their finals, and they hosted taste tests of future menu items with other students in Jammet's dorm room.
A private company, Sweetgreen declined to share revenue figures with CNBC Make It. But the company has raised a total of roughly $365 million in funding from outside investors, including its latest fundraising round of $200 million from a group led by Fidelity Investments in November that valued the company at more than $1 billion.
"Is salad a hot trendy growing category? Absolutely not," NPD Group food industry analyst David Portalatin tells CNBC Make It. But with innovation around a supply chain that partners with local farmers, a focus on sustainability, a strong digital footprint and millennial-friendly marketing that's included sponsored music festivals and popular loyalty rewards programs, Sweetgreen has created growth in what is otherwise a pretty flat marketplace, according to Portalatin.
Plus, Sweetgreen isn't the only popular salad chain that's expanding. It could face challenges from the likes of Chopt and Los Angeles-based TenderGreens. So that's a lot of ambition for a company with under 100 stores.
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