Eat Beyond Portfolio Company Plant Power Raises $7.5 Million
Eat Beyond Global Holdings Inc. (OTCPK: EATBF) announced that its portfolio company, Plant Power Restaurant Group, raised $7.5 million in a Series A financing round. This is noted as the largest financing for a plant-based fast-food franchise. The funds will support the opening of seven new vegan restaurant locations in the U.S., including Hollywood and Las Vegas. Plant Power's net sales grew over 50% in 2020, and the QSR market is projected to grow at a 4.6% CAGR, nearing $1 trillion by 2027. Eat Beyond aims to enhance Plant Power's market presence further.
- Plant Power secured $7.5 million in Series A financing, the largest for plant-based fast food.
- Funding will facilitate the opening of seven new locations in the U.S.
- Net sales for Plant Power grew over 50% in 2020, indicating strong market demand.
- The QSR market is expected to grow at a 4.6% CAGR, approaching a $1 trillion valuation by 2027.
- None.
Plant-Power is a leading quick service restaurant that is recognized as the vegan, healthy alternative to traditional fast food restaurants
VANCOUVER, BC, June 17, 2021 /PRNewswire/ - Eat Beyond Global Holdings Inc. (CSE: EATS) (OTCPK: EATBF) (FSE: 988) ("Eat Beyond" or the "Company"), an investment issuer focused on the global plant-based and alternative food sector, announced that its portfolio company, The Plant Power Restaurant Group, parent company of Plant Power Fast Food ("Plant Power"), recently secured a
This is thought to be the largest ever financing round for a plant-based fast-food franchise. The new capital will enable Plant Power to open seven more vegan restaurants in the United States including locations in Hollywood and Las Vegas.
"Plant Power is the first QSR brand that Eat Beyond has added to its portfolio, and we are thrilled with its adaptability and upward growth trajectory in the fast-food industry in North America," Eat Beyond CEO Patrick Morris said. "The ability to reimagine conventional fast food and create the full standard offerings of burgers, shakes, fries, and sandwiches utilizing vegan ingredients makes Plant Power a unique innovator within the QSR space."
Plant Power has eight existing locations and net sales growth eclipsed
"The strong fundraising from Plant Power indicates a company well-positioned to capture an even larger share of the emerging health and wellness economy," Morris said. "Eat Beyond will continue to support and advise Plant Power as necessary to further enhance its market penetration across the U.S. and beyond. The additional capital is a positive sign of its full potential and reach."
About Eat Beyond Global Holdings
Eat Beyond Global Holdings Inc. ("Eat Beyond") (CSE: EATS) (OTCPK: EATBF) (FSE: 988) is an investment issuer that makes it easy to invest in the future of food. Eat Beyond identifies and makes equity investments in global companies that are developing and commercializing innovative food tech as well as plant-based and alternative food products. Led by a team of food industry experts, Eat Beyond is the first issuer of its kind in Canada, providing retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food sector, and access companies that are leading the charge toward a smarter, more secure food supply. Learn more: https://eatbeyondglobal.com/
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SOURCE Eat Beyond Global Holdings Inc.
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