The Plant Power Restaurant Group, the parent company of Plant Power Fast Food, has secured $7.5 million in Series A funding. The investment is the largest ever financing round for a plant-based fast-food franchise.
The California-based Plant Power Fast Food is a quick-service restaurant (QSR) brand that offers up a comprehensive, healthy, plant-based menu with meals served in biodegradable packaging.
The funding round was led by Eat Beyond Global Holdings Inc., an investment issuer focused on the global plant-based and alternative food sector.
“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,” said Eat Beyond CEO Patrick Morris.
“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 plans to use the funding to open seven more vegan restaurants in the United States, including locations in Hollywood and Las Vegas.
Currently, Plant Power Fast Food has eight locations, which recorded 50 percent in net sales growth last year.
“The strong fundraising from Plant Power indicates a company well-positioned to capture an even larger share of the emerging health and wellness economy,” said Morris. “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.”
According to Researchandmarkets.com, the plant-focussed QSR category is expected to grow by 4.6 percent CAGR annually and will be valued at $931 billion by 2027.