Plant Power Restaurant Group, LLC., the parent company of San Diego’s Plant Power Fast Food, a QSR restaurant chain aiming to establish itself as the Vegan McDonald’s, today announces to vegconomist the completion of a $7.5 million Series A capital raise. The fresh funds will be used for continued nationwide expansion, with plans for two Las Vegas locations already underway.
“We’re doing our best to be part of the change. And to be as effective as we’d like to be, we’ll have to continue to grow.”
The Series A was led by Helia Capital USA, Inc., a subsidiary of Fusion Ventures; Eat Beyond Global Holdings; and Batta Foods. Additional funds came from a group of individual investors with close ties to the Company, as well as from Aileen Getty, granddaughter of J. Paul Getty.
Co-founder and co-CEO Zach Vouga spoke about the importance of finding the right investment partners. “We’re looking for more than just funding. In every potential investor, we go straight to the heart of mission alignment: It’s important to us that the capital comes in tandem with an unwavering belief in our mission to change the world. We’re thrilled to have been able to develop key strategic partnerships with Fusion Ventures and Eat Beyond that open up a range of new financing opportunities as we continue to execute on our growth strategy.”
As we revealed last December, the Company witnessed record growth in 2020, with a YOY retail net sales increase of 52.14%, announcing plans to more than double the number of operating restaurants by the second quarter of 2022. In addition to the new Vegas locations, recently announced store openings include Sacramento, Hollywood, and on-campus at the University of California in San Diego.
Speaking about the impressive rate of growth, Co-Founder and Co-CEO Jeffrey Harris told vegconomist that PPFF feels a sense of urgency to take part in a necessary change in the world: “For us, this is about so much more than just building a profitable business, although that’s certainly critical. It’s increasingly vital that more and more people are exposed to the benefits of a plant-based diet, not only for their own health but also for the well-being of the animals we share this world with and for the sake of the planet as a whole.
“Naturally, we understand that our company alone won’t change the world. But we’re one of hundreds of new companies who are developing their businesses around a new paradigm based on the principles of kindness, sustainability and social responsibility. Believe me, we haven’t figured it all out yet, but we’re doing our best to be part of the change. And to be as effective as we’d like to be, we’ll have to continue to grow.”
The Company also announces the onboarding of Sebastien Koechl, Director of Merger & Acquisitions at Fusion Ventures, to its board of Directors. Ed Har, CFO of PPFF, comments: “Sebastien brings an extraordinary level of corporate finance experience to the team. His strong acumen and ability to provide counsel is something we really needed as we look ahead and work towards some important milestones. Sebastien and Fusion Ventures Chief Executive Officer Lee Piccoli understand our vision and they’re excited about our goal to bring a healthier, more environmentally sustainable version of traditional fast-food to an increasingly larger audience.”
Fusion Ventures Chief Executive Officer Lee Piccoli commented on the round: “At Fusion Ventures, our mission is to invest in purpose-driven companies that are a rare combination of pure passion and operational excellence, which is the core of any truly great enterprise. Plant Power has not only built something unique and scalable, but the brand has captured the hearts of aspirational consumers whose needs are evolving. We’re excited to join Plant Power and to be part of the journey.”