Plant-based fast casual by Chloe closed a strategic investment to propel its growth, the company announced Thursday (April 5). According to Moneyish, the New York City-born brand received $31 million in funding from Bain Capital, Kitchen Fund, RiverPark Ventures, Collaborative Fund, TGP International/Qoot International, and other strategic investors.
The goal for by Chloe, the company said, is to double its footprint to 20 locations domestically and internationally, and to “increase its social impact objectives, and strengthen operations and marketing initiatives over the next two years.”
“We are thrilled to partner with Bain Capital Double Impact, Kitchen Fund, and our other strategic investors,” said Samantha Wasser, founder and creative director of by Chloe, in a statement. “Their support and belief in the by Chloe brand will only help to further our ability to bring delicious, accessible and affordable plant-based food to the masses. Staying true to our brand ethos, our investor group aligns so well with the goals and ideals of the by Chloe brand. We look forward to bringing more by Chloe locations to our amazing customers around the world.”
By Chloe was founded in 2015 and has grown from its West Village flagship to 10 global units. There are five in the Big Apple, one in Los Angeles, two in Boston, a store in Providence, Rhode Island, and one in London, along with a dedicated bakery, Sweets by Chloe.
The fast casual’s new investor group joins original investor ESquared Hospitality. Wasser is the daughter of ESquared Hospitality CEO Jimmy Haber, who invests in the concept as well. By Chloe’s other co-founder, Chloe Coscarelli, left the company about a year ago when an arbitrator said she wasn’t prudent in dealing with the brand’s day-to-day business operations. She sued ESquared under the notion that Haber wanted to add meat to the menu, a claim Wasser rejected.
“By Chloe is a unique, authentic brand and dining concept with exceptional customer loyalty and engagement,” said Warren Valdmanis, a managing director at Bain Capital Double Impact, in a statement. “Bain Capital has a long and successful history of investing in and supporting restaurant businesses. We are excited to partner with Samantha and her team to drive the continued growth of the business and to fulfill the mission to promote healthy food and lifestyles. We also believe there are significant opportunities to increase by Chloe’s social and environmental impact through targeted sustainability initiatives.”
The chain said it actively works to lower its carbon footprint and preserve the planet’s weather supply with an animal-free menu, mindful ingredient sourcing, and eco-friendly packaging.
By Chloe plans to open a South Street Seaport location in 2018 and a third spot in Boston’s Back Bay in 2018, as well as three additional London restaurants. The brand is exploring New York City, Europe and the Middle East for expansion.
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