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Sweetgreen is an American food chain selling salads. It was established in 2007 and has grown steadily, becoming a cult favorite among young diners. Now Sweetgreen is taking another step forward in its evolution up the ladder. On Monday, she filed a confidential initial public offering (IPO). The date for the IPO has not yet been set but is expected in the fall.
What is the story of Sweetgreen?
Sweetgreen’s is an unlikely success. The founders essentially took an existing, rather mundane side dish and turned it into a multi-billion dollar business.
The millennial change has undoubtedly contributed to their success in the attitude of consumers towards a more health conscious existence.
And the company has profited wonderfully by serving simple, seasonal, and healthy salads and cereal bowls. Each of them is entirely made on site, from healthy products delivered the same morning.
Better yet, health experts are fans.
Lisa Muras, RD, and Nadine Jakim Young, MS, RD, CDE at Virginia Hospital Center said:
“Sweetgreen has some of the best choices for a healthy lunch or dinner, hands down. Most salads total between 400 and 500 calories, which is an affordable calorie intake for most people.
He also has an impressive celebrity fan base. Gwyneth Paltrow and Martha Stewart have backed Sweetgreen, while Selena Gomez, Kendall Jenner, Cory Booker and Leah Obama have all been seen in her restaurants.
The company has innovated not only in the production of salads, but also in marketing. In 2011, she launched the Sweetlife Music Festival and one Sweetgreen in schools nutritional program.
Much like Warby Parker, who also just filed for an IPO, Sweetgreen has been the subject of IPO rumors for years.
In fact, the two companies have very similar histories. Both were started by a group of friends in business school.
Plus, they took an existing product and successfully marketed it in a whole new way.
Nicolas Jammet, Nathaniel Ru and Jonathan Neman are the co-founders of Sweetgreen.
How Sweetgreen makes money
Sweetgreen is expensive, but that doesn’t seem to put customers off and certainly helps her earn some money. Its 2019 revenue exceeded $ 300 million.
The company raised $ 22 million in 2013 and became profitable in 2017, which raised an additional $ 127 million.
At the end of 2018, Sweetgreen became the very first restaurant unicorn to reach a valuation of $ 1 billion.
And earlier this year, it raised around $ 670 million, giving it a post-currency valuation of $ 1.8 billion.
These venture capitalists include T. Rowe Price, Red Sea Ventures, Signatures Capital, Scott Belsky, Revolution, Collaborative Fund, Danny Meyer and Daniel Boulud.
Highs and lows
It was not all easy. Sweetgreen was sued by employees at least three times between 2014 and 2017. Then in 2018, all of its senior executives except the founders resigned.
But everything is looking good for the moment, and the company still has great ambitions to achieve.
In a tech-savvy world, Sweetgreen wants to harness the power of blockchain to track the seed-to-salad journey of every ingredient it sells.
His futuristic vision knows no bounds. By using a DNA genetic testing and analysis service such as 23andme (NASDAQ: ME), he sees a time when customers can share their microbiome data with Sweetgreen. Thus, he can then organize menus according to food preferences.
Sweetgreen is a post-pandemic growth game worth watching. The boost in global health shows no signs of slowing down, and as long as consumers are willing to part with double-digit dollars for a salad, Sweetgreen should continue to thrive.