Salad chain sweetgreen said on Monday it had confidentially filed for an initial public offering in the US, hopeful of strong investor interest as demand for plant-based food products surges globally…
The company, which counts tennis star Naomi Osaka as its youngest investor, was valued at $1.8 billion after a funding round earlier this year, according to media reports. T.Rowe Price, Lone Pine Capital and D1 Capital Partners are among sweetgreen’s other investors.
California-based sweetgreen, which was founded in 2007 and has more than 100 stores in the US, did not reveal more details about the size of the proposed IPO.
Plant-based food companies have attracted investor attention over the past few years, particularly as more people gravitate to healthy and environment-friendly food.
Much of the demand is being led by millennials and generation Z consumers, who are more than willing to spend on sustainable products that are also healthy.
About 65 percent of Gen Z consumers are in favor of plant-based foods, sweetgreen says on its website.
Last year, plant-based retail sales in the US hit…
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