Cava Group, Inc. Announces $45 Million Series B Funding Round

WASHINGTON, Sept. 24, 2015 /PRNewswire/ -- Today, Cava, the Washington, D.C.-based Mediterranean fast-casual restaurant concept and Consumer Packaged Goods (CPG) brand, announces a $45 million Series B funding led by Invus with participation from existing partner Swan & Legend Ventures as well as Revolution Growth.

The new investment will help fund Cava Grill's growth including new markets and locations on both the east and west coasts, help technology initiatives and advancements, support community partnerships, and allow for enhancements of team member benefits.

Cava Grill has 11 locations in the Washington, D.C. metro area and is set to open the first of several restaurants in the Los Angeles area this month. Cava products are sold in over 200 Whole Foods Market locations up and down the east coast, in the midwest, and soon to arrive in southern California.

"We're thrilled to have the support to help us with significant initiatives in the next year, including enhanced technology for our operations and customer experience, building our team to help execute store growth on two coasts, and a new production facility to support further expansion of our dips and spreads in natural and organic markets," said Cava CEO Brett Schulman.

Cava Grill brings modern, Mediterranean flavors to a casual setting for budget-, time-, health-, and taste-conscious customers. Inspired by their Greek roots, founders and childhood friends Ted Xenohristos, Ike Grigoropoulos, and Chef Dimitri Moshovitis created Cava's culinary driven, flavorful, and healthful menu for a diverse customer.

"Our mission is to empower entrepreneurs to transform their industries.  Within the healthy fast casual movement that is sweeping the country, we believe Ted, Ike, Dimitri, and Brett have built a differentiated concept that can stake out a leadership position.  We're excited to partner with Cava for the road ahead," said Benjamin Felt, Director, Invus. 

"This financing represents another major milestone in Cava's remarkable growth," said Todd Klein, Managing Director of SWaN & Legend.  "We look forward to working with our new partners and management to bring delicious, nutrient-rich food to consumers nationwide."

About Cava Grill

Cava is a rapidly expanding fast casual restaurant and Consumer Packaged Goods (CPG) brand focusing on fresh, better-for-you cuisine. Cava brings modern, authentic, and vibrant Mediterranean food to a national audience in both fast casual and grocery channels through a unique, culinary-driven brand. Cava Grill has 11 locations in the DC area: Bethesda, Tenleytown, Columbia Heights, Tysons, Merrifield, Chinatown, Westfield Montgomery Mall, the Kentlands neighborhood in Gaithersburg, Fairfax, Reagan DCA, and Ashburn. Cava will be expanding to Los Angeles, California in 2015. Cava Grill was born out of the Cava Mezze full service restaurants founded in 2006 by Ike Grigoropoulos, Ted Xenohristos, and Dimitri Moshovitis, who quickly made them into one of Washington, D.C.'s most esteemed destinations for Mediterranean-inspired fare.

Additional information can be found online at www.cavagrill.com or on Twitter and Instagram by following @cavagrill

Contact: Caroline Bubnis, [email protected]

SOURCE Cava Group, Inc.