Operations

Plant-based fast food chain completes $7.5M Series A raise

Photo: Provided.

May 27, 2021

San Diego-based Plant Power Fast Food has completed its $7.5 million Series A capital raise, led by Helia Capital USA Inc., Eat Beyond Global Holdings and Batta Foods with additional funding from Aileen Getty and individual investors, according to a news release from its parent company, Plant Power Restaurant Group LLC.

Co-founder and Co-CEO Zach Vouga said the funds will be used to continue expansion of the chain, with a focus on corporate unit development. Vouga also spoke about the importance of finding the right investment partners.

"It's important that the capital comes in tandem with an unwavering belief in our mission to change the world," Vouga said in the release. "We're thrilled to have been able to develop key strategic partnerships that open up a range of new financing opportunities as we continue to execute on our growth strategy."

As one stage of a startup's capital-raising process, the series A round marks the start of venture capital financing, so the announcement marks a critical moment for the company and chain which focuses on convenient, sustainable, healthier fast food.

The Plant Power Restaurant Group also announced is has named Fusion Ventures Director of Mergers and Acquisitions Sebastien Koechli to its board, who the company said brings over 15 years' experience in private equity investing, mergers and acquisitions, and business finance internationally across a broad range of industries.

"Sebastien brings an extraordinary level of corporate finance experience to the team," Plant Power Restaurant Group CFO Ed Har said in the release. "His strong acumen and ability to provide to counsel is something we really needed as we look ahead and work towards some important milestones."

Currently, Plant Power has seven stores with eight additional openings planned in Sacramento, Hollywood, Las Vegas and in the North Torrey Pines Living and Learning Neighborhood on the campus of the University of California in San Diego. The company reported year-over-year enterprise-wide retail net sales growth of over 50% (2019 to 2020).