Luke’s Lobster announced Monday that it received a growth investment from Whole Foods Market.
The grocery chain participated in a minority growth equity financing led by Relentless Consumer Partners. The fast casual currently operates 28 locations (23 on the East Coast and five on the West Coast) and nine international stores.
Luke’s will use the funds to expand its CPG offerings and distribution footprint, support new restaurant openings, and drive innovation and growth in the seafood industry as a whole. The leadership team will maintain day-to-day control, while Relentless and Whole Foods will provide strategic guidance and resources.
“Since day one, Luke’s has been laser‑focused on building transparent supply chains that deliver industry leading value to the harvesters, cut out middlemen, and offer premium seafood at the best price to our customers. Our vision is to become the world’s most trusted seafood company and this investment is a validation and accelerant towards achieving that mission,” Luke Holden, founder and CEO of Luke’s Lobster, said in a statement. “Closing on this funding coming from such highly value-added investors provides significant financial resources as well as customer-facing expertise to continue growth in our restaurants, branded consumer packaged goods, and wholesale seafood lines of business.”
Whole Foods has a longstanding partnership with Luke’s. In 2018, the seafood brand was recognized as Whole Foods Market’s Supplier of the Year.
“Our customers consistently look to Whole Foods Market for an unparalleled seafood selection that meets our rigorous standards for sustainability and quality, as well as our Seafood Code of Conduct,” Jennifer Coccaro, VP of Meat & Seafood for Whole Foods, said in a statement. “We look forward to what’s next for Luke’s Lobster, and continuing our longstanding collaboration with a brand that is beloved by our stores and customers.”
Relentless acquires and invests in high-potential consumer brands across health, wellness, consumer healthcare, sports and fitness, according to a news release.
The firm “identified Luke’s Lobster as a leader in sustainably sourced seafood and consumer loyalty, with a substantial untapped opportunity for growth.”
“Luke’s checks every box: exceptional product quality, unwavering mission, and a passionate customer base,” Relentless CEO John Burns said in a statement. “We’re thrilled to help support Luke and the team in accelerating the next phase of growth without compromising the brand’s core values.”
Luke’s was founded in October 2009 by Holden and Ben Conniff. The first store opened inside a 250-square-foot space in New York City’s East Village neighborhood. In 2018, the brand became a certified B Corporation, which means the chain has been verified as having high standards of social and environmental performance, accountability, and transparency.
