Veggie Grill raises $20M in private equity funding

Veggie Grill, a Santa-Monica based chain of vegan restaurants, has raised $20 million in common-stock funding from both current shareholders and new investors, the Los Angeles Times reported. A large portion of this investment was contributed by Brentwood Associates, making the private equity firm the biggest single shareholder. According to Dow Jones, Bill Barnum and Rahul Aggarwal of Brentwood Associates will join Veggie Grill’s board of directors. “The concept is very well positioned in the industry and has a lot of runway ahead of it,” Aggarwal said.
The media attention surrounding the investment in Veggie Grill illustrates that the American diet is changing, and consumers are demanding tasty vegan options. “[Veggie Grill] is one of the most popular new arrivals on the Northwest food scene,” said the Portland Business Journal.
According to PR Newswire, Chief Energizing Officer Greg Dollarhyde said, “The interest we received from our investors was quite substantial and exciting. This additional capital base will support our aggressive growth plans to meet the increasing consumer demand for delicious, vegetarian food.”
The franchise is growing quickly. And as reported by FastCasual.com, Veggie Grill has doubled its locations in the past year and increased its revenue  by over 100 percent. Yahoo! News reported “[This] is the fourth round of equity funding for the vegetarian restaurant chain, whose menu includes dishes such as the ‘All Hail Kale’ salad.”  The news even circulated to Fortune, proving the mass appeal of Veggie Grill and the excitement surrounding their expanding brand and franchise.
New locations are expected to open in Los Angeles, Orange County, San Diego, and Seattle, during the first half of this year, as reported by Restaurant News.