Cava Grill has received a $16 million investment that will help fund its expansion to the West Coast and further development of its prepared-foods line, the company said Wednesday.
The eight-unit, Washington, D.C.-based fast-casual chain, which was spun off in 2011 from the three-unit Cava Mezze full-service restaurants, said it received a $16 million Series C funding round from existing partner SWaN & Legend Venture Partners and new strategic investors.
“Cava is among a select few of true breakout fast-casual brands, and we’re incredibly excited to work with such an innovative team,” Todd Klein, managing director of SWaN & Legend Venture Partners, said in a statement.
The company said it planned to open locations in Los Angeles, as well as to expand its prepare dips and spreads, which are sold in Whole Foods Markets, to Chicago and other Midwestern cities.
“Starting with an outstanding corporate culture, their integrative approach to food and technology will have a vast impact on how people combine nutrition, flavor, and affordability,” Klein said. “The company is a true leader, not only in their fast-growing market, but food in general. We’re proud to be Cava’s partner for the next phase of their success.”
Cava Grill’s menu features vegetarian, vegan and allergy-friendly options, as well as fresh juices, mixed “greens and grains” bowls and some locally sourced ingredients.
“We’re incredibly grateful to have the support of such accomplished business leaders working with us to bring Cava to more neighborhoods and communities, not only in our home market, but cities across the country,” said Brett Schulman, Cava Grill’s CEO.
The Cava Mezze and Cava Grill restaurants were created by founders Ted Xenohristos, Ike Grigoropoulos and chef Dimitri Moshovitis to provide healthful Mediterranean food to a diverse customer base, the company said.
“What started in a small full-service restaurant in 2006 has grown beyond what we ever imagined,” Xenohristos said. “We built Cava on heritage and heart and are excited for the opportunity to bring this inspiration through our food to a wider audience.”
Cava Grill has eight locations in Maryland and the District of Columbia. Besides the Los Angeles plans, the company this year has scheduled two openings in Virginia — Ashburn and Fairfax — and one at the Ronald Reagan Washington National Airport terminal.