Betting Beyond the Bowl: Investing in Sweetgreen Was Always About More Than Salad
In 2013, Sweetgreen had 22 locations in D.C., Maryland, Virginia, Boston, and New York — the first a 560-square-foot shack in our backyard. Fast forward to today, the tech-forward company spans more than 140 stores nationwide; partners regularly with chefs, artists, and cultural icons; caters to millions of app users; and has officially debuted as a public company on the NYSE.
When Revolution Growth first invested in Sweetgreen in 2013, the whisperings of food and wellness were present but sparse, and the bulk of lunchtime options focused more on convenience than ingredients. At the time, restaurants and food tech were on the margins of most investors’ minds and there was skepticism around VC-backed food concepts. But we believed in the founders, Jonathan Neman, Nicolas Jammet, and Nathaniel Ru, and their vision of a healthier way to eat.
What did we see in the then-regional salad company? Its potential to transform fast food — an industry I deemed “ripe for disruption” — in the same way Starbucks transformed coffee. How? A reenvisioned product and customer experience. A mentality to upend, rather than build upon, the restaurant industry’s precedent. And an insatiable appetite to iterate upon its original seeds for success. Specifically, here’s what the founders brought to the table:
Passion and Purpose: Fundamental to Sweetgreen’s reimagination of the fast-food system was a vision to build healthier communities — a philosophy evident in every aspect of their business. From supply chain and internal company policies to partnerships and social good initiatives, Sweetgreen has blazed trails to better an industry, resulting in an unforgettable brand ethos and devoted customer base.
Greener Greens: At the root of Sweetgreen’s farm-to-table concept was a commitment to sustainability. The company was built around the belief that real people want real food — something that sounds obvious today but was rare circa 2007. By default, Sweetgreen’s seasonal plant-based menu is 30% less carbon-intensive than the average American meal. But the company’s promise to the planet extends to sourcing, growing practices, transportation, and infrastructure. In fact, Sweetgreen has pledged to become carbon neutral by 2027.
A First Mover Mindset: Sweetgreen had a digital-first approach early on in a sector that wasn’t quick to adopt tech innovations. In 2013, when Revolution Growth first invested, the company had already established an early version of its mobile app that encouraged loyalty with rewards and supported mobile payments. Today, 75 percent of Sweetgreen revenue is generated from digital orders, with customers using the app for pick-up or delivery, to find personalized promotions, log dietary preferences, provide payment, and more. But a digital ordering experience is just the beginning. Sweetgreen has several irons in the fire to increase speed, choice, and personalization, one of which includes its recent acquisition of robotics-powered Spyce.
So, what’s next for Sweetgreen? Loyal followers know to expect new menu drops and chef-driven collaborations. My bet is more wins for the customer, wins for the community, and wins for the company as the now-public innovator leads the food industry’s Third Wave.
As a long-standing partner — Revolution Growth was the first institutional investor to back Sweetgreen — we have supported the company as it’s grown, evolved, and revolutionized an entire sector, all while holding true to its core values. Today, we raise a fork to Sweetgreen. We’re proud to be part of its story.
