Financing

Cava Group raises another $40M

The owner of Cava Grill and Zoes Kitchen closed on its latest fundraising round last month.
cava
Photograph: Shutterstock

The owner of Cava and Zoes Kitchen has another $40 million to work with.

Cava Group’s latest fundraising round comes a year after the company’s $300 million acquisition of Zoes Kitchen.

Washington, D.C.-based Cava has now raised more than $450 million since 2015, helping fuel growth of its namesake brand and fund the purchase of Zoes.

Zoes finished 2018 with 260 locations, according to data from Restaurant Business sister company Technomic, while Cava, the fast-casual Mediterranean chain, finished with 72 restaurants.

Both remain high-growth chains: Cava’s system sales grew nearly 70% last year, while Zoes grew 17%.

Cava over the years has raised funds from investment firms Revolution Growth, Swan & Legend Venture Partners and the Invus Group. Its deal for Zoes last year included a significant investment from Act III Holdings, the emerging brand accelerator created by Panera Bread co-founder Ron Shaich.

Cava’s board features some Panera veterans, including Shaich, Keith Pascal and Bill Moreton. Other directors include Cava CEO Brett Schulman and co-founder Ted Xenochristos, along with Todd Klein and David Strasser from Swan & Legend; former Union Square Hospitality Chief Financial Officer Karen Kochevar; and Ben Felt and Philippe Amouyal from Invus.

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Leadership

Meet the restaurant fixer who now owns Etta

Tech entrepreneur Johann Moonesinghe suddenly finds himself leading a growing group of restaurants. His secret? He doesn't expect to make a profit.

Financing

Looking for the next Chipotle? These 3 chains are already there

The Bottom Line: Wingstop, Raising Cane’s and Jersey Mike’s have broken free from the pack of well-established growth chains. Here’s why this trio stands out.

Financing

For Starbucks, 2 years of change hasn't yielded promised results

The Bottom Line: The coffee shop giant’s sales struggles worsened earlier this year, despite a flurry of efforts to improve operations and employee satisfaction.

Trending

More from our partners