Plant-based fast food chain Neat Burger has raised $18 million in a Series B round led by private institutional investment firm B-Flexion.
Other participants included Formula One driver Lewis Hamilton (a longtime backer), Chimera Capital, and new investors such as Real Madrid goalkeeper Thibaut Courtois. Neat Burger will use the funding to continue expanding its global reach.
“We see New York as a tastemaker gateway to the US”
The news comes after the UK-based chain opened its first permanent US location in Nolita, New York City, last month. Sales so far have beaten expectations, and the store is currently the best performing in the group’s estate due to high levels of repeat purchases.
“We see New York as a tastemaker gateway to the US, and by all metrics it has been our most successful launch to date,” said Zack Bishti, co-founder and CEO of Neat Burger. “New Yorkers have good taste and strong opinions and we’ve been thrilled to see customers continually return. In response to the growing demand for cleaner ingredients, we’ve incorporated healthier options into the New York menu, while continuing to serve our growing community food that’s as sustainable as it is delicious.”
“Pivotal moment”
Performance has also been good at Neat Burger’s eight London locations, with like-for-like sales up 20% in the first quarter of 2023. The chain is now planning further international expansion into Italy and the Middle East, after opening its first location in Dubai in October.
“We are thrilled to have reached this major milestone in Neat Burger’s journey, with a successful fundraise from previous investors alongside an impressive group of new investors,” said Tommaso Chiabra, co-founder of Neat Burger. “This is a pivotal moment for our business, and it allows us to accelerate our growth plans. With the successful launch of our New York location and record first quarter under our belt, we have demonstrated the strength of our brand, and are now well-positioned to bring our award-winning plant-based food to the growing number of consumers in the US and worldwide who are embracing a healthier and more flexitarian lifestyle.”
