Plant Power Fast Food, a plant-based fast food restaurant chain based in San Diego, opened its fifth location last week in Long Beach, California. The three-and-a-half-year-old company reported that sales from the Long Beach location on its opening Sunday June 30, 2019 were the highest for any of the company’s five locations for one single day in its history. Chief Operations Officer and co-CEO Zach Vouga said that “We’re thrilled to be part of this vibrant community and we’re overwhelmed by the warm welcome we’ve been receiving from customers old and new.”
Company president and co-CEO Mitch Wallis said that their brand was specifically designed to appeal to everyone, not just those on a plant-based diet. “By presenting a fresh, GMO-free, plant-based menu in the familiar fast-food format, we’re able to provide an easy-to-access alternative for those looking for healthier options,” he says. He adds that, “The majority of our customers are omnivores who are exploring new food choices.”
In addition, The Plant Power Restaurant Group has announced the next phase of its Series A offering for accredited investors in accordance with Regulation D adopted by the U.S. Securities and Exchange Commission (SEC) through MicroVentures. Series A funding will extend through September 2019 with a target amount of $7 mm.
According to Vouga, top line revenues increased 438.4% from 2016 through 2018. He believes that this is a reflection of the power of the brand: “We’re seeing that consumers are really excited about a 100% plant-based brand, one with an authentic commitment to health and sustainability and a vision that extends beyond the traditional bottom line.”
Chief Marketing & Communications Officer and co-CEO Jeffrey Harris believes that there is a huge opportunity to bring a plant-based alternative to the U.S. fast-food space: “In the United States, the fast food market exceeded $255 billion in sales in 2018 according to market research companies Statista and IBIS. While traditional fast food restaurants deliver the taste, cost and convenience factor that their customers enjoy, the majority of mainstream brands have failed to adequately address the evolving needs of consumers who are looking for healthier, more humane and environmentally sustainable options.”
Asked about the current news of major fast-food brands adding vegan items to their menu, Harris was positive—“We’re thrilled to see many of the major fast-food brands expand their offerings to include plant-based options.” Harris further adds “The introduction of vegan burgers at some fast food restaurant chains indicates that a significant attitudinal shift is in motion, just as we predicted several years ago when we first began developing our business. That said, we believe that consumers are looking for more than just a couple of vegan options on the menu. We’re excited to be able to offer something radically different to customers who are hungry for real change”