By Chloe Raises $31 million to Expand Vegan Restaurant Chain

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© by Chloe

In 2018 By CHLOE, the New York City-based fast-casual vegan restaurant, received $31 million in funding from Bain Capital, Kitchen Fund, Collaborative Fund and TGP International/Qoot International amongst other investors. The investment will ensure 50 new locations in the next four years, more than tripling the number of stores across the USA and move into Europe and the Middle-East.

In mid-2015, Ms Chloe Coscarelli partnered with ESquared Hospitality to open the vegan fast-casual restaurant ‘By Chloe’, in New York City. They went on to expand to 10 locations in New York City, Rhode Island, Los Angeles, and Boston. She left the business last year after a dispute with ESquared Hospitality over the terms of their partnership, to open her own vegan restaurant in Miami. The original partnership was amongst the first to open a fast-casual vegan chain, tapping into an underserved $2.22 billion vegan market in the US.

About 7.3 million US adults follow a vegetarian-based diet, according to a Vegetarian Times study, and approximately 1 million of them are vegan. By Chloe successfully uses Instagram, to reach these vegan millennials who are looking for exciting new plant-based options. The chain has 104K Instagram followers and its own blog – eatbychloe.com, showcasing some of its recipes.

Ms Wasser, daughter of ESquared Hospitality restaurant group CEO James Haber told Moneyish: “When we were first talking about the concept, our CEO was like, ‘I don’t understand how you can be successful; there’s not that many vegans in the world,” says Wasser. “But we don’t go out there and target (only) vegans. We created a brand that speaks to everyone, and isn’t intimidating.”

Vegconomist is in touch with By Chloe, and we are expecting some further developments to this story.

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