New York City-based fast-casual vegan restaurant chain By Chloe has received $31 million in order to expand to 20 locations in the US and internationally.
Reported by Moneyish, the chain, founded by chef Chloe Coscarelli who left the organization last year, received funding from Bain Capital, Kitchen Fund, Collaborative Fund, TGP International/Qoot International, and other strategic investors.
“The goal from day one was to bring vegan food to the masses and make it as accessible and as fun as possible,” said co-founder and creative director Samantha Wasser. By Chloe has earned a following by serving vegan versions of familiar foods like burgers, fries, cupcakes, and more. Wasser believes that the focus on food that appeals to more than just vegans is what helped make the company successful.
“When we were first talking about the concept, our CEO was like, ‘I don’t understand how you can be successful; there’s not that many vegans in the world,” Wasser said. “But we don’t go out there and target (only) vegans. We created a brand that speaks to everyone, and isn’t intimidating.
By Chloe first opened in New York City’s West Village neighborhood in 2015 and has experienced rapid growth since then. Today, a total of 10 By Chloe restaurants have been opened in the US, along with one Sweets by Chloe, an off-shoot featuring just desserts that opened next to the original By Chloe location.
In 2017, it was reported that the company had invested up to $13 million in international development. This lead to the opening of the first overseas location of By Chloe in London. A second London location is set to open at One Tower Bridge.
With the most recent investment, By Chloe hopes to open even more locations beyond London and the United States. According to Moneyish, “the global expansion will continue throughout Europe and the Middle East, with more stores planned for London and Dubai.”
Wasser has previously identified overseas markets as a big opportunity for the company to grow. “I’d read that London is one of the greatest food scenes in the world,” Wasser told Bloomberg prior to their expansion. “Once I visited, I saw what the hype was about. We’ve built a huge following on social media and have fans in multiple countries consistently asking when we’re coming.”
Image source: By Chloe