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Naomi Osaka Sweetgreen brand ambassador
Tennis ace Naomi Osaka is an investor in Sweetgreen. Image credit: Business Wire

Brief: ‘New retail’ salad chain Sweetgreen files for IPO

June 22, 2021

  • Sweetgreen, a tech-enabled foodservice chain offering ‘grab and go’ salads in the US, has confidentially submitted its draft proposal for an IPO to the country’s Securities & Exchange Commission.
  • According to Crunchbase, Sweetgreen has raised a total of $479 million in private funding to date from investors including Fidelity, Franklin Templeton, T Rowe Price, and celebrity backers including tennis ace Naomi Osaka and rapper Jay-Z through his Arrive fund.
  • After its most recent fundraise — a $150 million Series I round in September 2019 — the company was valued at $1.5 billion.

Why it matters:

Founded in 2007, Sweetgreen is a ‘new retail’ concept combining physical stores with tech solutions. Customers can order salads through the Sweetgreen mobile app for picking up in-store, delivery, or collection at the chain’s Outpost points. Customers can also pay for in-store purchases digitally using the app.

That Sweetgreen has now filed for an IPO is indicative of growing institutional and retail investor interest in tech-driven restaurant and foodservice solutions.

No further details of the IPO proposal, such as expected share pricing, were included in the confidential filing.

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