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Financing

Cava Grill raising another $35M

The rapidly growing fast-casual chain has raised more than $130 million to fuel its expansion.

The parent company of Cava is nearing completion of a $35 million round of funding, according to a recent federal securities finding, providing yet another round of investment to fuel the chain’s rapid growth.

Cava, which finished 2017 with 46 locations, has raised $33.5 million so far, according to a filing with the Securities and Exchange Commission.

The latest funding round would add to an impressive haul for the Mediterranean chain and would bring its total investment to $131 million once completed. That includes a $35 million round last year and a $45 million round in 2015.

The company opened its first restaurant in Bethesda, Md., in 2011 and has since become one of the country’s hottest growth chains.

Its investors have included Revolution Growth, the venture capital firm started by AOL cofounder Steve Case, along with the venture firm Swan & Legend.

Among its board members is Ron Shaich, the former CEO of Panera Bread.

The chain generated $47.5 million in system sales in 2017, according to data from Technomic’s Ignite, up 77.2% over the year before.

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