The plant-based restaurant group By Chloe, which has 10 restaurants around the world including one in London, is set to double in size over the next two years after a $31m (£22m) investment.
The fast casual restaurant business has received a cash injection to fund its expansion to 20 sites from Bain Capital Double Impact (part of investment fund Bain Capital), as well as from early stage investor Kitchen Fund, Collaborative Fund, TGP International/Qoot International, and other investors.
They join the restaurant brand’s original investor ESquared Hospitality.
By Chloe was founded in 2015 and is named after TV chef Chloe Coscarelli, who last year split from the business.
It has five locations in New York City, including its West Village flagship, as well as one in Los Angeles, two in Boston, one in Providence, Rhode Island and one in London’s Covent Garden.
Another By Chloe site is set to launch in London’s One Tower Bridge this year, with the prospect of more UK restaurants to follow.
Samantha Wasser, founder and creative director of By Chloe said: “We are thrilled to partner with Bain Capital Double Impact, Kitchen Fund, and our other strategic investors.
“Their support and belief in the By Chloe brand will only help to further our ability to bring delicious, accessible and affordable plant-based food to the masses.”
Warren Valdmanis, a managing director at Bain Capital Double Impact said: “By Chloe is a unique, authentic brand and dining concept with exceptional customer loyalty and engagement.
“Bain Capital has a long and successful history of investing in and supporting restaurant businesses.
“We are excited to partner with Samantha and her team to drive the continued growth of the business and to fulfil the mission to promote healthy food and lifestyles. We also believe there are significant opportunities to increase By Chloe’s social and environmental impact through targeted sustainability initiatives.”