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Sweetgreen

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Sweetgreen, Inc.
Company typePublic
IndustryRestaurants
GenreFast casual
FoundedNovember 2006; 18 years ago (2006-11)
Founders
  • Nicolas Jammet
  • Nathaniel Ru
  • Jonathan Neman[1][2]
Headquarters
Los Angeles, California
,
U.S.
Number of locations
221 (December 2023)
Area served
California, Colorado, Connecticut, DC, Florida, Illinois, Indiana, Georgia, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, Pennsylvania, Rhode Island, Texas, Virginia, Wisconsin, Washington
ProductsSalads
RevenueIncrease US$584 million (2023)
Negative increase US$−122 million (2023)
Negative increase US$−113 million (2023)
Total assetsDecrease US$857 million (2023)
Total equityDecrease US$483 million (2023)
Number of employees
6,186 (December 2023)
Websitesweetgreen.com
Footnotes / references
[3]
Nicolas Jammet and Jonathan Neman in front of their Dupont Circle Sweetgreen restaurant, 2014

Sweetgreen (legally Sweetgreen, Inc., stylized as sweetgreen, previously swɘetgreen) is an American fast casual restaurant chain that serves salads. It was founded in November 2006 by Nicolas Jammet, Nathaniel Ru, and Jonathan Neman. In August 2007, they opened their first store in Washington, D.C., three months after they graduated from the McDonough School of Business at Georgetown University.[4]

Sweetgreen's corporate headquarters moved to the Los Angeles area from Washington, D.C., in 2016.[5] As of September 2023, it had 221 stores in operation in 18 states and the District of Columbia.[6][7][8][9][10] The CEO is Jonathan Neman,[11] and the company had over 4,000 employees as of 2016.[12]

History and financing

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Sweetgreen was founded in 2006[13][14] by Nicolas Jammet, Nathaniel Ru, and Jonathan Neman, all Georgetown University students at the time. The trio were disappointed with campus food options.[15]

Sweetgreen raised its initial $375,000 of startup funding from investors including the three founders' parents, Joe Bastianich, Seth Goldman, and Washington's Latino Economic Development Center.[4][16] In 2013, it accepted a $22 million investment from Revolution Growth, a venture capital fund founded by Steve Case.[17] In 2014, it received $18.5 million in investment from Revolution Growth. In 2015, it raised an additional $35 million in investment under the lead of T. Rowe Price with contributions from existing investor Revolution Growth.[18] The company has raised over $95 million to date.

In 2018, the startup raised a $200 million Series H round led by Fidelity that valued the company at more than $1 billion, bringing Sweetgreen's total funding to $365 million.[19] In the fall of 2019, Sweetgreen raised an additional $150 million Series I round led by Lone Pine Capital and D1 Capital Partners, bringing the company's total valuation to $1.6 billion.[20]

In July 2021, Axios reported that Sweetgreen had filed confidentially for an IPO.[21] It became a public company on November 18, 2021, traded under the New York Stock Exchange symbol SG.

In August 2021, Sweetgreen announced its plans to acquire Massachusetts Institute of Technology startup, Spyce, a Boston-based restaurant that uses service robots to prepare meals.[22] Both Spyce locations closed and the team focused on building a "third generation" of its technology to increase throughput and accuracy for Sweetgreen, potentially starting in two locations in 2023.[23]

In August 2022, Sweetgreen opened a location in Birmingham, Michigan, their first in Michigan, with plans to expand to Troy and Ann Arbor later in 2022.[9]

In May 2023, Sweetgreen opened its first robot-driven Infinite Kitchen location in Naperville, Illinois, where the automation is confined to assembling the food, not the food preparation itself.[24][25]

In May 2024, Sweetgreen reported a 26% Q1 revenue increase, reaching $157.9 million. This growth was primarily attributed to price increases across its menu. Notably, the company achieved an 18.1% profit margin per store, which is considered exceptional within the foodservice industry. Of particular interest were the results from two experimental "Infinite Kitchens" locations, which utilize robotic automation for bowl assembly. These locations reported a significantly higher profit margin of 28%, showcasing the potential impact of automation on the chain's operational efficiency.[26]

[edit]

Sweetgreen serves a variety of salads and warm bowls.[27] Their seasonal menu rotates 5 times a year, based on produce availability and location.[28]

The restaurant launched a mobile app in 2015.[29] In May 2020, the brand added order status tracking and push notifications in real time, allowing the customers to know when their order is received or ready following restrictions from the COVID-19 pandemic.[30] In January 2020, Sweetgreen launched its own delivery service within their app.[28]

Customers can order in-store or through the app for pickup, delivery and outpost as well as use their app to pay for in-store ordering. They are also in various marketplaces[clarification needed].[31]

Social actions

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Sweetgreen has partnered with local chefs and restaurants on time-limited menu items, often when opening locations in a new city. These collaborations have included chef duo Jon and Vinny in Los Angeles,[32] Nancy Silverton,[33] Michael Solomonov in Philadelphia area,[34] Danny Bowein in New York,[35] Ken Oringer in Boston,[36] and Chris Shepherd in Houston.[37]

Sweetgreen has collaborated multiple times with David Chang of Momofuku, including a new salad dressing featured in the New York locations during the summer of 2014.[38] In February 2020, Sweetgreen again partnered with David Chang to launch the Tingly Sweet Potato and Kelp Bowl. The collaboration brought attention to ocean acidification and its effects on marine life through the use of sustainable kelp.[39]

In 2015, in the lead-up to the Sweetlife music festival, Sweetgreen collaborated with musician Kendrick Lamar leading up to his second appearance at the Sweetlife music festival. The salad, "Beets Don't Kale My Vibe," was a pun playing one of Lamar's most well-known lyrics. The collaboration resulted in over 100 articles featuring the salad, and 10% of proceeds from the salad went to FoodCorps to connect kids to real food.[40]

In 2018, Sweetgreen partnered with Hank's Mini Market, a family-owned corner store in L.A.'s Hyde Park neighborhood, a known food desert, to help bring healthier options to its customers as part of their work to expand food access.[41]

In 2019, Sweetgreen partnered with FoodCorps again,[42] committing $1 million over the next two years to support FoodCorps's endeavours.[43]

During the onset of the COVID-19 crisis, Sweetgreen announced the launch of the Sweetgreen Impact Outpost Fund in partnership with World Central Kitchen to deliver free meals to hospital workers on the frontlines.[44] In 2020, the company served more than 400,000 meals to over 400 hospitals nationwide.[45]

Sweetgreen made it easier for employees to vote in the 2020 election by providing up to 3 hours of paid time off for all hourly employees[46] to either vote early or vote on election day.

In May 2021, Sweetgreen announced their first-ever national athlete ambassador, tennis player Naomi Osaka. Osaka announced a new menu item supporting The Asian American Foundation.[47][48]

Lawsuits

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In April 2023, Chipotle Mexican Grill sued Sweetgreen claiming that its trademark has been violated. As a result Sweetgreen changed the name of its burrito bowl “as part of a tentative agreement to resolve the lawsuit.”[49][50]

Sweetlife Festival

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Between 2011 and 2016, Sweetgreen hosted an annual music and food festival at the Merriweather Post Pavilion in Columbia, Maryland.[51] Sweetgreen has cut back on hosting large festivals, and instead hosted outdoor concerts "with a much more compact bill."[52]

Headliners

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Awards

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Sweetgreen was named one of the Most Innovative Companies in 2019[53] and 2020,[54] and it won the 2020 Webby Award for Food & Drink in the Apps, Mobile & Voice category.[55]

References

[edit]
  1. ^ Neman, Jonathan (August 30, 2021). "78% of hospitalizations due to COVID are Obese and Overweight people". LinkedIn. Archived from the original on August 31, 2021. Retrieved September 28, 2021. 101 comments
  2. ^ Recker, Jane (September 2, 2021). "Sweetgreen Co-Founder Claims "No Vaccine Will Save Us" From Covid—But Salads Just Might". Washingtonian. Archived from the original on September 28, 2021. Retrieved September 28, 2021.
  3. ^ "Sweetgreen, Inc. 2023 Annual Form 10-K Report". U.S. Securities and Exchange Commission. February 29, 2024.
  4. ^ a b Witchel, Alex (June 27, 2013). "Inheriting the restaurant gene". The New York Times. Archived from the original on July 28, 2014. Retrieved November 16, 2014.
  5. ^ "Sweetgreen to move headquarters to L.A." Washington Post. Archived from the original on September 20, 2018. Retrieved September 20, 2018.
  6. ^ "How these 33-year-olds are taking Sweetgreen from a dorm room start-up to the 'Starbucks of salad'". CNBC. March 13, 2019. Archived from the original on April 12, 2020. Retrieved April 20, 2020.
  7. ^ "sweetgreen: Order Online". order.sweetgreen.com. Archived from the original on November 7, 2019. Retrieved November 7, 2019.
  8. ^ "Sweetgreen, Inc 10-Q: Quarterly report for quarter ending March 27, 2022". SEC.gov. U.S. Securities and Exchange Commission. May 6, 2022. p. 5.
  9. ^ a b "Salad bar restaurant sweetgreen opens first Michigan location in Oakland County". August 10, 2022. Archived from the original on August 10, 2022. Retrieved August 10, 2022.
  10. ^ "Sweetgreen locations".
  11. ^ "Sweetgreen".
  12. ^ "Sweetgreen raises more lettuce to continue expansion". The Washington Post. Archived from the original on March 9, 2016. Retrieved March 9, 2016.
  13. ^ Amelia Lucas (November 18, 2021). "Sweetgreen shares surge 76% in salad chain's stock market debut". CNBC.
  14. ^ "Sweetgreen, Inc. Form S-1". SEC.gov. U.S. Securities and Exchange Commission. October 25, 2021. p. 15.
  15. ^ Andrea, Kramar (March 13, 2019). "How these 33-year-olds are taking Sweetgreen from a dorm room start-up to the 'Starbucks of salad'". CNBC. Retrieved March 31, 2022.
  16. ^ Bhattarai, Abha (June 16, 2013). "From salad shop to music festival, Sweetgreen branches out". The Washington Post. Archived from the original on November 29, 2014. Retrieved November 16, 2014.
  17. ^ Alden, William (December 4, 2014). "Revolution Fund Invests in Sweetgreen Salad Chain". The New York Times. Archived from the original on November 29, 2014. Retrieved November 16, 2014.
  18. ^ Stone, Madeline. "Hot new salad chain Sweetgreen just raised a fresh $35 million". Business Insider. Archived from the original on March 4, 2016. Retrieved March 9, 2016.
  19. ^ "Sweetgreen is officially a unicorn". TechCrunch. Archived from the original on November 15, 2018. Retrieved November 15, 2018.
  20. ^ Roof, Katie (September 20, 2019). "Salad Chain Sweetgreen's Tech Focus Helps Push Valuation to $1.6 Billion". Wall Street Journal. Archived from the original on May 12, 2021. Retrieved May 12, 2021 – via www.wsj.com.
  21. ^ Primack, Dan (June 21, 2021). "Sweetgreen files for IPO". Axios. Archived from the original on July 9, 2021. Retrieved July 8, 2021.
  22. ^ Yang, Angela (August 24, 2021). "Sweetgreen salads made by robots? It's coming, after restaurant chain acquires MIT startup". The Boston Globe. Archived from the original on August 24, 2021. Retrieved August 24, 2021.
  23. ^ Scott Kirsner (January 27, 2023). "Robots in the kitchen? Local engineers are making it a reality". The Boston Globe.
  24. ^ Lucas, Amelia (June 24, 2023). "Inside Sweetgreen's first automated location — and the salad chain's plans to take the tech nationwide". CNBC.
  25. ^ Dunn, Elizabeth G (May 17, 2023). "Sweetgreen's Salad Robot Is Almost Ready for Lunch". Bloomberg Businessweek.
  26. ^ Klein, Danny (May 10, 2024). "Sweetgreen is Starting to Realize its Potential". QSR Magazine. Retrieved May 13, 2024.
  27. ^ "Sweetgreen hosting one-day $5 promo". July 8, 2020. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  28. ^ a b Dunn, Elizabeth G. (January 4, 2020). "In a Burger World, Can Sweetgreen Scale Up?". The New York Times. Archived from the original on May 19, 2021. Retrieved May 12, 2021.
  29. ^ "Sweetgreen updates its app to allow customers to skip wait, order online - the Washington Post". The Washington Post. Archived from the original on September 14, 2018. Retrieved May 12, 2021.
  30. ^ Cansler, Cherryh (May 29, 2020). "Pandemic speeds up operational changes at Sweetgreen". www.fastcasual.com. Archived from the original on May 12, 2021. Retrieved July 8, 2021.
  31. ^ Kelso, Alicia. "Sweetgreen Pilots No-Fee Delivery Service To Corporate Offices". Forbes. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  32. ^ Josh, Scherer (September 28, 2015). "Bowling for Salad: Jon and Vinny Are Going Fast-Casual With Sweetgreen". Lamag - Culture, Food, Fashion, News & Los Angeles. Archived from the original on September 29, 2020. Retrieved October 9, 2021.
  33. ^ "Nancy Silverton's Famous Chopped Salad Is About to Be Available Nationwide". Food & Wine. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  34. ^ "Michael Solomonov's Got His Very Own Sweetgreen Salad – Philadelphia Magazine". April 12, 2017. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  35. ^ Morgan, Richard (November 2, 2017). "Sweetgreen and Mission Chinese have teamed up on a tasty new bowl". Time Out New York. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  36. ^ "Ken Oringer Brings the "Toro Bowl" to Sweetgreen in Boston". March 24, 2017. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  37. ^ "Chris Shepherd cooks up some southern flavor for buzzy new salad spot". CultureMap Houston. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  38. ^ Lo, Karen (June 3, 2014). "David Chang on Momofuku and Sweetgreen Collaboration". The Daily Meal. Archived from the original on September 25, 2018. Retrieved October 9, 2021.
  39. ^ "Sweetgreen and David Chang hope 2020 is the year kelp becomes cool - the Washington Post". The Washington Post. Archived from the original on January 28, 2021. Retrieved May 12, 2021.
  40. ^ Natalie, Weiner. "Kendrick Lamar Gets On-Brand Salad Called 'Beets Don't Kale My Vibe'". Billboard. Archived from the original on March 29, 2016. Retrieved March 9, 2016.
  41. ^ Peters, Adele (April 27, 2018). "How Sweetgreen Helped This Corner Store With A Healthy Transformation". Fast Company. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  42. ^ Rasul, Nicole. "Sweetgreen And FoodCorps Partner To Reimagine The American School Cafeteria Experience". Forbes. Archived from the original on May 14, 2021. Retrieved May 12, 2021.
  43. ^ O'Connor, Anahad (January 3, 2020). "What if Children Ran the School Lunchroom?". The New York Times. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  44. ^ "Sweetgreen, World Central Kitchen Look to Feed Medical Personnel". QSR magazine. April 2, 2020. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  45. ^ "Reflecting on 2020". Medium.com. December 23, 2020. Retrieved October 21, 2021.
  46. ^ "Starbucks, Sweetgreen leading employees to the polls". www.fastcasual.com. August 27, 2020. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  47. ^ America, Good Morning. "Naomi Osaka partners with Sweetgreen as 1st athlete ambassador". Good Morning America. Archived from the original on May 10, 2021. Retrieved May 12, 2021.
  48. ^ Haddon, Heather (June 4, 2021). "Sweetgreen Bet Big on Naomi Osaka. Then It Doubled Down". Wall Street Journal. Archived from the original on June 7, 2021. Retrieved June 7, 2021.
  49. ^ "Chipotle Sues DC-Born Sweetgreen Over Its Chicken Burrito Bowl - Washingtonian". April 6, 2023. Retrieved April 8, 2023.
  50. ^ Pisani, Joseph (April 6, 2023). "Sweetgreen Renames Its Chipotle Chicken Burrito Bowl, Ending Days Old Legal Battle". Wall Street Journal. Retrieved April 8, 2023.
  51. ^ Ramanathan, Lavanya (January 27, 2017). "Sweetgreen just pulled the plug on the Sweetlife Festival. Here's what's likely to replace it". Washington Post. Archived from the original on January 2, 2019. Retrieved January 1, 2019.
  52. ^ Ramanathan, Lavanya (January 27, 2017). "Sweetgreen Just Pulled the Plug on the Sweetlife Festival. Here's What's Likely to Replace it".
  53. ^ Farley, Amy (February 19, 2019). "The winner of the fast-casual salad wars? Sweetgreen, with 91 restaurants in 8 states, and a network of 150 farmers". Fast Company. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  54. ^ Farley, Amy (March 10, 2020). "Sweetgreen's free delivery service is the Trojan horse of the salad wars". Fast Company. Archived from the original on May 12, 2021. Retrieved May 12, 2021.
  55. ^ Kastrenakes, Jacob (May 20, 2020). "Here are all the winners of the 2020 Webby Awards". The Verge. Archived from the original on August 11, 2021. Retrieved May 22, 2020.
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