Neat Burger plans to triple in size after fundraising round raises value to $ 70 million – vegconomist



October 19, 2021

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British vegan restaurant chain Neat Burger, backed by F1 star Lewis Hamilton, raised $ 7 million in a funding round led by Rajeev Misra, CEO of Softbank Investment Advisors.

After the round, Neat Burger is now valued at $ 70 million. The funding will allow the chain to continue with plans to triple in size – the company says it intends to open about one restaurant per month until the end of 2022.

Currently, Neat Burger operates five locations in London, but aims to increase that number to 19 restaurant locations and 16 delivery kitchens. The company was able to accelerate its expansion after the pandemic drove rents down.

Fillet without Fish Neat Burger
Fillet without fish Burger © Neat Burger

As new locations open, Neat Burger expects sales to grow 300% year-over-year, reaching tens of millions as early as next year. It also plans to expand into the United States, Italy and the Middle East, as well as launch its burgers in supermarkets across the United Kingdom.

In January, Neat Burger took on McDonalds by launching what it claimed was the first plant-based fish burger in a fast food chain in the UK. Last year it became the official sponsor of the Extreme E Electric Off-Road Championships and has also seen huge success after starting to offer deliveries through Deliveroo.

“The fact that there is now such a high demand for an all-herbal offering is really encouraging and exciting for us, director Zack Bish told The Evening Standard. “Even meat eaters go out of their way to choose herbal options as the awareness of the effect this has on the world grows and grows.”

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