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“Once you have that direct connection to your customer through technology…there’s a really powerful opportunity to make a positive impact,” says Neman.Ĭurrently, over 50% of Sweetgreen’s orders are generated through their mobile app, and Neman plans to continue digitizing the customer experience and making their products even more accessible.Īs Sweetgreen continues to grow and revolutionize the fast-casual dining experience, Neman is staying true to what they do best: serving delicious, healthy bowls, with a side of technology. Their goal is to make healthy eating a frictionless experience, and they’re embracing new technology like blockchain to give customers a transparent look at their sourcing, while providing a tailored experience. Innovation is still at the core of their mission, however.Īs Sweetgreen expands into new markets, the young founders are looking beyond the traditional restaurant model for their next move. Their days of dorm room strategizing are well behind them. Sweetgreen is listed in Fast Company's The World's 50 Most Innovative Companies of 2019 and has over 91 locations. Today, the trio helm a company valued at over $1.6 billion. With an inspiring plan to reshape the food system, they got to work bringing sustainable sourcing and clean ingredients to busy customers. Neman started the farm-to-table chain from his Georgetown dorm room in 2007, alongside his two best friends, Nicolas Jammet and Nathaniel Ru. “The naivete of not knowing what we were getting into allowed us to.take the leap and do it,” Neman says.
SWEET GREENS FULL
That figure rises to 108,761,529 shares if we count the additional equity sold and the full total of shares reserved for underwriters.Īt that new share count at $28 per share, Sweetgreen is worth $3.05 billion.Sweetgreen co-founder and CEO Jonathan Neman credits the salad chain’s massive success to his inexperience in the restaurant business. Sweetgreen’s IPO valuationīefore it added 500,000 shares to its IPO - 575,000 if we include 75,000 shares placed into its underwriters’ option pool - Sweetgreen expected that it would have 106,311,529 shares outstanding after its IPO. More simply, a host of private investors, including venture capitalists, bet on Sweetgreen.
SWEET GREENS SERIES
Why are we paying attention to Sweetgreen? Because it started raising external capital in the mid-aughts and kept at it through a Series I in 2019. From there, we’ll see if the company’s valuation squares up with what we’ve seen from other recent technology-enabled IPOs. Then we’ll dig into Sweetgreen’s final IPO revenue multiple to understand how investors are truly valuing the company. Let’s calculate the company’s IPO valuation, using both simple and fully diluted share counts. Given that investors made a larger, more expensive bet on Sweetgreen than we might have anticipated, there’s work to do. And Sweetgreen sold 500,000 more shares in its IPO than its final S-1/A filing indicated.
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The company initially expected to price between $23 and $25 per share, meaning that it sold shares at a higher price than it had anticipated. Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.įor Sweetgreen, the pricing is a win. The Exchange explores startups, markets and money. Selling 13 million shares in its IPO, the company’s early gross proceeds from the transaction total $364 million, before taking shares reserved for its underwriting banks into account. American fast-casual salad chain Sweetgreen priced its IPO at $28 per share yesterday.