NEW YORK AND BOSTON, April 5, 2018 - by CHLOE., the popular plant-based, fast-casual restaurant startup, today announced that it has closed a strategic investment to support the brand’s growth and expansion. Lead investor Bain Capital Double Impact, the impact investing fund of Bain Capital, was joined by Kitchen Fund, Collaborative Fund, TGP International/Qoot International, and other strategic investors, to enable by CHLOE. to continue its goals of expanding to 20 locations, domestically and internationally, increase its social impact objectives, and strengthen operations and marketing initiatives over the next 2 years.
Founded in 2015, by CHLOE. has grown from its flagship in New York City’s West Village to a total of ten locations globally. With locations in New York City (5), Los Angeles, Boston (2), Providence, RI, and London along with a dedicated bakery, Sweets by CHLOE., the plant-based restaurant aims to offer delicious, wholesome foods that fuel and energize without compromising flavor, taste or satisfaction. by CHLOE.’s menus feature thoughtfully-sourced ingredients in their most natural state to create inspired dishes, made fresh daily. by CHLOE. is committed to supporting a sustainable and plant-based lifestyle, and actively works to lower its carbon footprint and preserve the planet’s water supply with an animal-free menu, mindful ingredient sourcing and eco-friendly packaging.
“We are thrilled to partner with Bain Capital Double Impact, Kitchen Fund, and our other strategic investors,” said Samantha Wasser, Founder and Creative Director of by CHLOE.. “Their support and belief in the by CHLOE. brand will only help to further our ability to bring delicious, accessible and affordable plant-based food to the masses. Staying true to our brand ethos, our investor group aligns so well with the goals and ideals of the by CHLOE. brand. We look forward to bringing more by CHLOE. locations to our amazing customers around the world.”
by CHLOE.’s new investor group and original investor ESquared Hospitality make up some of the strongest leaders within the global restaurant space with experience in fine dining, fast-casual, specialized vertical investment, international concept scaling and more.
“by CHLOE. is a unique, authentic brand and dining concept with exceptional customer loyalty and engagement,” said Warren Valdmanis, a Managing Director at Bain Capital Double Impact. “Bain Capital has a long and successful history of investing in and supporting restaurant businesses. We are excited to partner with Samantha and her team to drive the continued growth of the business and to fulfill the mission to promote healthy food and lifestyles. We also believe there are significant opportunities to increase by CHLOE.’s social and environmental impact through targeted sustainability initiatives.”
Bain Capital has a long history of successful investments in mission-oriented companies, and significant experience in helping restaurant businesses grow and expand geographically. Kitchen Fund is the leading investor in early stage restaurants, having helped grow iconic fast-casual concepts into international brands in an impressive 18 months since inception.
With the benefit of Bain Capital Double Impact and Kitchen Fund’s impressive restaurant experience, by CHLOE. is in a stronger position to achieve its vision of making plant-based food accessible and affordable to all consumers.
On the horizon in 2018, by CHLOE. currently has plans to open a location in New York City’s South Street Seaport, a third location planned in Boston’s Back Bay, plus additional London locations. The brand is currently exploring additional locations in New York City to continue its city-wide expansion, in addition to international growth via partnerships with a targeted focus on Europe and the Middle East, led by TGP International and Qoot International.
About by CHLOE.
by CHLOE. is a fast-casual brand that opened its flagship location in the heart of the West Village in New York City in July 2015. The plant-based restaurant aims to offer delicious, wholesome, vegan foods that fuel and energize without compromising flavor, taste or satisfaction. Since opening in 2015, by CHLOE. has grown to nine locations across the United States including New York, NY; Boston, MA; Silverlake, CA; and Providence, RI. In September 2016, by CHLOE. opened Sweets by CHLOE., a plant-based bakery next to the flagship location in NYC’s West Village. In February 2018, by CHLOE. opened it’s first international location in London’s Covent Garden. In 2018, by CHLOE. will open additional locations in Boston’s Back Bay, New York City’s South Street Seaport, and additional stores in London.
About Bain Capital Double Impact
Bain Capital Double Impact (www.baincapitaldoubleimpact.com) is an affiliate of Bain Capital, a leading global private investment firm. Bain Capital Double Impact utilizes Bain Capital’s proven, deep diligence, value-added approach to build great companies that deliver both competitive financial returns and meaningful, measurable social and environmental good. Bain Capital Double Impact focuses on health & wellness, sustainability, and community building to create long-term value and meaningful impact at scale. Its goal is to enable the next phase of financial and impact growth for our partner companies, which are solving critical social problems, and doing so profitably. We believe that our value-added approach, experienced team, and broad platform expertise will help our partner companies to thrive.
About Kitchen Fund
Kitchen Fund is the premier early stage investor in growth restaurant brands. In today’s rapidly changing food landscape, only brands with an authentic perspective and experience make lasting connections with their guests. That is why Kitchen Fund invests in the brands people love for more than just the menu. Kitchen Fund provides outsized investment returns through the application of operational expertise and unique access to the best emerging concepts. The fund provides capital, connections and know-how to help founders bring their story, ethos and recipes to eaters everywhere. Since its inception only 18 months ago, the group has made investments in several segment-defining brands.
About Collaborative Fund
Collaborative Fund is a leading source of capital for entrepreneurs pushing the world forward. Operating on the principle that the best investment opportunities sit at the intersection of for-profit and for-good, Collaborative Fund has made 100+ investments out of three core investment funds since its founding in 2010. Its investments include Lyft, Quora, Reddit, Kickstarter, Blue Bottle Coffee, and AltSchool.
About TGP International
Formed in 2002, TGP International is a team of hospitality management experts dedicated to providing straight forward solutions for the ever-evolving industry. TGP International provides Concept Creation, Operational Management, Brand Management & Representation, Design and Project Delivery, the team aims to support their clients, whatever their needs, investing time in understanding their vision and objectives. Drawing upon the team’s vast experience and skill base, TGP International is equipped to deliver a clear strategy with precise recommendations that will meet the business’ requirements.
About Qoot International
Founded in 2007, Qoot is a Saudi based company that specializes in the creation, operation, management, and franchising of restaurant concepts. The company has successfully launched a range of homegrown concepts; Century Burger, Khayal Restaurant, Countryside and Forn Wa Saj, and represents several international brands, which includes Leila Restaurant in the Western Region. Qoot has recently signed a JV agreement with TECO, a leading Egyptian catering company, to allow the company to further expand within the Saudi market. Most recently Qoot has partnered with TGP International - a hospitality management consultancy that is based in London and Dubai – and handles its operations outside of Saudi Arabia, allowing for further international expansion.
About ESquared Hospitality
ESquared Hospitality is an international restaurant and hospitality group. Built on a commitment to "Exceeding Expectations" with extraordinary food and excellent customer service, ESquared Hospitality has grown into a diversified group of restaurant concepts, from the flagship BLT Steak New York which opened in 2004 to more than 25 restaurants on two continents. ESquared Hospitality properties include the BLT restaurants, comprised of BLT Steak in New York, NY (2004), Washington, DC (2006), San Juan, PR (2006), White Plains, NY (2007), Hong Kong (2009), Charlotte, NC (2009), Waikiki, HI (2009), Seoul, South Korea (2014), Roppongi, Tokyo (2014), Las Vegas, NV (2014), Ginza, Tokyo (2015), and Aruba (2015); BLT Burger in Hong Kong (2009); BLT Prime in New York, NY (2005) and at the Trump National Doral Miami, FL (2014); BLT Market in Waikiki, HI (2016). ESquared Hospitality also operates two Italian concepts: Casa Nonna in New York, NY (2011), which became the official pizza vendor of Madison Square Garden (2013) and Radio City Music Hall (2015), and The Florentine in Chicago, IL (2010); as well as Horchata De Nueva York (2014), The Wayfarer (2014), plant-based fast-casual concept by CHLOE. with 10 locations internationally (2015), fast-casual Italian concept The Sosta in NYC (2017) and standalone bakery, Sweets by CHLOE. (2016). In September 2015, acclaimed Chef David Burke joined E2 Hospitality as a culinary partner to open BLT Prime by David Burke in Washington DC (2016) and Tavern 62 by David Burke (2016). For more information, visit ESquared Hospitality online at www.E2Hospitality.com, Facebook.com/ESquaredHospitality, Twitter @ESqHospitality or Instagram @ESquaredHospitality.