Following the round, Neat Burger is now valued at $70 million. The funding will allow the chain to continue with its plans to triple in size — the company states it intends to open roughly one restaurant per month through to the end of 2022.
Currently, Neat Burger operates five London locations, but it aims to increase that to 19 dine-in sites and 16 delivery kitchens. The company was able to accelerate its expansion after the pandemic caused rents to fall.
As the new locations open, Neat Burger expects sales to increase by 300% YOY, reaching the tens of millions as early as next year. It also has plans to expand into the US, Italy, and the Middle East, as well as launching its burgers at supermarkets in the UK.
In January, Neat Burger took on McDonalds by launching what it claimed was the first plant-based fish burger in a UK fast-food chain. Last year, it became the official sponsor of the Extreme E Electric Off-Road Championships, and also had huge success after it began offering deliveries via Deliveroo.
“The fact that there is now such a high demand for a totally plant-based offering is really encouraging and exciting to us,” Director Zack Bish told the Evening Standard. “Even meat-eaters are going out of their way to choose plant-based options as the awareness of the effect it has on the world grows and grows.”