Eat Beyond Portfolio Company Plant Power Raises $7.5 Million
Plant-Power is a leading quick service restaurant that is recognized as the vegan, healthy alternative to traditional fast food restaurants
VANCOUVER, BC, June 17, 2021 /PRNewswire/ - Eat Beyond Global Holdings Inc. (CSE: EATS) (OTCPK: EATBF) (FSE: 988) ("Eat Beyond" or the "Company"), an investment issuer focused on the global plant-based and alternative food sector, announced that its portfolio company, The Plant Power Restaurant Group, parent company of Plant Power Fast Food ("Plant Power"), recently secured a $7.5 million Series A financing round. California-based Plant Power is a quick service restaurant ("QSR") brand offering a comprehensive, healthy, plant-based menu with meals that are served in biodegradable packaging.
This is thought to be the largest ever financing round for a plant-based fast-food franchise. The new capital will enable Plant Power to open seven more vegan restaurants in the United States including locations in Hollywood and Las Vegas.
"Plant Power is the first QSR brand that Eat Beyond has added to its portfolio, and we are thrilled with its adaptability and upward growth trajectory in the fast-food industry in North America," Eat Beyond CEO Patrick Morris said. "The ability to reimagine conventional fast food and create the full standard offerings of burgers, shakes, fries, and sandwiches utilizing vegan ingredients makes Plant Power a unique innovator within the QSR space."
Plant Power has eight existing locations and net sales growth eclipsed 50% in 2020. The QSR market sector is expected to grow by 4.6% CAGR annually according to researchandmarkets.com, approaching a $1 Trillion value ($931 billion) by 2027.
"The strong fundraising from Plant Power indicates a company well-positioned to capture an even larger share of the emerging health and wellness economy," Morris said. "Eat Beyond will continue to support and advise Plant Power as necessary to further enhance its market penetration across the U.S. and beyond. The additional capital is a positive sign of its full potential and reach."
About Eat Beyond Global Holdings
Eat Beyond Global Holdings Inc. ("Eat Beyond") (CSE: EATS) (OTCPK: EATBF) (FSE: 988) is an investment issuer that makes it easy to invest in the future of food. Eat Beyond identifies and makes equity investments in global companies that are developing and commercializing innovative food tech as well as plant-based and alternative food products. Led by a team of food industry experts, Eat Beyond is the first issuer of its kind in Canada, providing retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food sector, and access companies that are leading the charge toward a smarter, more secure food supply. Learn more: https://eatbeyondglobal.com/
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SOURCE Eat Beyond Global Holdings Inc.
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