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The Madera Group secures nearly $21M in funding

The Madera Group secures nearly $21M in funding

Company to use Breakwater Management investment to add 13 more locations concentrated in the West

Multi-concept restaurant operator The Madera Group has secured nearly $21 million in funding from Breakwater Management to accelerate growth of its chef-driven Mexican food brands.

Madera’s brands include fast-casual Tocaya Organica and fine-dining concepts Toca Madera and Casa Madera. Casa Madera is a coastal lounge concept slated to open its first location in Dubai in partnership with Caesars Entertainment.

Breakwater’s $20.9 million investment will support Madera’s aggressive plan to more than double in size by adding 13 locations by the end of next year.

“This transaction provides us with capital to continue our rapid growth and further our goal of delivering elevated dining experiences that make eating well effortless,” company co-founder Amrou Manaseer said in a statement.

Manaseer and Tosh Berman founded the company in 2013 and opened the flagship Toca Madera in West Hollywood two years later. In 2016, the West Hollywood, Calif.-based company opened Tocaya Organica in Venice, Calif. The counter service menu features salads, tacos, bowls and burritos made with upscale ingredients such as sweet potato bravas and sautéed Brussels sprouts.

The fast-casual concept has grown to 10 locations concentrated mostly in Los Angeles and San Diego. The first Arizona outlet opened this month in Scottsdale.  The brand, which uses locally sourced produce, sustainable ingredients and meats and fish free of hormones, will see a bulk of the growth. More locations are planned for San Diego, Los Angeles and Arizona.

Two Toca Madera locations are slated to open in Arizona and Dubai.

Breakwater’s other restaurant investments include fast-casual vegan chain Veggie Grill, which is also based in Southern California.

Saif Mansour, managing partner at Breakwater, said The Madera Group has done a “remarkable job” developing Tocaya Organica and Toca Madera.

“We are delighted to support them as they continue to expand their innovative dining concepts,” he said in a statement.

Contact Nancy Luna at [email protected] 

Follow her on Twitter: @fastfoodmaven

TAGS: Finance
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