C3 (Creating Culinary Communities), the fastest-growing global food tech platform founded by Sam Nazarian, announces a $10 million strategic investment from Lurra Capital AG.
Based in Switzerland, Lurra Capital is an invitation-only private capital investment firm overseeing $5 billion from UHNW investors and leading family offices. Lurra Capital has a track record of sourcing the most desirable and strategic investment opportunities globally via a highly effective and powerful network with a particular focus on venture capital and real estate. The investment was led by founder and CEO Tyron Birkmeir and is also a strategic partnership that gives C3 access to Lurra Capital's highly valuable relationships with investors and partners globally.
"International expansion is one of our top priorities at C3," says C3 Founder and CEO, Sam Nazarian. "Partnering with private capital leaders like Lurra Capital opens up many avenues for us to continue expansions in markets we'd like to be more prominent in. The power of the network will bring C3 to new horizons, and we couldn't be more excited about what is to come."
Lurra Capital's investment in C3 will support infrastructure expansion with C3's growing digital restaurant brands, ghost kitchens, and bricks-and-mortar culinary centres. C3 operates more than 250 digital kitchens and has developed 40 restaurant brands, each generating an estimated additional $1 million per outlet. These include Umami Burger, Sam's Crispy Chicken, Kumi, Krispy Rice inspired by chef Katsuya Uechi, Cicci di Carne by globally renowned butcher Dario Cecchini, El Pollo Verde by chef Dani Garcia, Sa'Moto with chef Masaharu Morimoto, In a Bun, Plant Nation and more.
Lurra Capital Founder and CEO Tyron Birkmeir, and deal partner Giovanni Agostinelli, have been invited to the C3 Advisory Board, alongside existing members Ron Burkle, Egon Durban and Greg Mondre of Silverlake Capital, Ari Ojalvo of REEF Technology, David Simon of Simon Property Group, JJ Dudum of Discovery Land Company, and Sofia Vergara amongst others.
As a strategic investment, this funding will support C3's rapid growth in a few ways. The first is to continue the new brand and restaurant concept development across the company's network of digital restaurant brands and ghost kitchens. It will also propel the food-tech platform into more markets by building on existing relationships with key partners like Chowly in the U.S., Kitopi in the UAE, and the 50/50 $100 million joint venture with House W.K. Holdings to expand C3's roster of brands into Saudi Arabia.
"Lurra believes in the evolution of ghost kitchens and strategic partnerships with gamers and content creators. C3 has its finger on the pulse of Gen Z consumers who are impacting the industry and consumer trends of today." says Lurra Capital's Founder and CEO, Tyron Birkmeir. "We are excited to be part of the C3 journey as it expands globally and we look forward to working with C3 as well as its brand partners to continue global expansion."
Lurra Capital is also an early investor in several other food tech and agritech firms locally and internationally. Its' investment strategy targets businesses with strong intellectual property and high growth prospects, Lurra was attracted to C3's multi-faceted disruption in several industries like real estate, food supply chains, and B to C technology.
For more information, please visit https://www.c3sbe.com.
Media Contact
C3 by sbe | Jason Wanamaker | [email protected]
Lurra Capital | Caroline Merrell + Agnes Riousse of Citigate Dewe Rogerson | [email protected] + [email protected]
About C3
C3 (Creating Culinary Communities) is re-imagining the food service industry at a time when change is needed most. Founded and led by visionary Sam Nazarian with minority investors Simon, a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations, and Accor, the world-leading augmented hospitality group, C3 is simultaneously, systematically and broadly bringing together technology, underutilized retail, hotel and kitchen spaces and world-class culinary talent. C3's array of culinary brands coexist to disrupt the food & beverage industry by capitalizing on rapidly evolving customer preferences through C3 established shared kitchens, mobile delivery with the next-gen Citizens Go app (set to launch in 2021), and Citizens food halls. Current C3 brands include Umami Burger, Krispy Rice, Sam's Crispy Chicken, EllaMia, In a Bun, The Other Side and Dani Garcia's El Pollo Verde, with many other brands in the pipeline. The first Citizens food hall will open in New York City at Manhattan West in 2021. As of February 2021, C3 operates 250 digital kitchens across the U.S. To learn more, visit c3sbe.com.
About Lurra Capital
Founded and led by Tyron Birkmeir, Lurra Capital is an invitation-only private capital investment firm combining specialist expertise, innovative and alternative investment solutions to ultra-high net worth investors and families. Lurra's strategy encompasses exclusive, highly sought-after investments in the core areas of real estate, private equity and venture capital, and its investment philosophy is focused on strategic assets with significant growth and development potential. The firm, which is headquartered in Switzerland with offices in London, Luxembourg and Miami, currently oversees $5 billion of assets.
