After obtaining a multi-million dollar investment round last month, PLNT Burger is poised for further expansion and will engage its customer base for additional equity.
The Bethesda-based vegan fast-casual burger chain, founded by local celebrity chef Spike Mendelsohn and entrepreneurs Seth and Jonah Goldman, raised $3.8 million in Series A funding in November, totaling over $12 million in outside investment, according to the Washington Business Journal.
PLNT Burger opened its first location in a Whole Foods Market in Downtown Silver Spring in 2019 and has since expanded to thirteen locations, including two standalone stores. The latest opening was in Brookline, Mass., on Wednesday.
The new capital infusion allows the chain to open one additional standalone store or ten new stands inside Whole Foods Market locations.
“I think Whole Foods is such a great partner for us because we share a lot of customer similarities, so the synergy there, I think, is huge,” CEO Chris Treolar said to WBJ.
Additionally, PLNT Burger has launched an equity crowdfunding campaign on StartEngine, similar to the Honeycomb Credit campaigns that downtown Silver Spring establishments Bump ‘n Grind and Silver Branch Brewing Company have recently launched to fuel expansion efforts.
Customers can invest in the company, which generated over $11 million in sales last year and is expected to profit for the first time this year, with a minimum investment of $299.20.
“PLNT Burger is working to transform the $772 billion fast food industry with our growing chain of 13 locations, including innovative Whole Foods Market kiosks,” the company said. “Having achieved over $11.2 million in sales in 2023, with all operating locations profitable year-to-date in 2024 through September, we believe we’re proving that delicious, sustainable fast food is possible.”
Photo Courtesy of PLNT Burger