American plant-based fast-casual chain PLNT Burger has launched an equity crowdfunding campaign via the Startengine platform to accelerate its expansion.
Customers can invest a minimum of $299.20 into the company, which achieved over $11.2 million in sales in 2023. All operating locations have reportedly been profitable year-to-date in 2024 through September.
The launch of the crowdfunding campaign comes after PLNT Burger raised $3.8 million in Series A funding at the end of November. According to the Washington Business Journal, this brings the total amount secured by the company to over $12 million.
Earlier this month, PLNT Burger opened a new location in Brookline, Massachusetts, a town in the Boston metropolitan area. The restaurant is the chain’s second standalone location (the other is in Manhattan). PLNT Burger now has 13 locations in total, with the remainder situated in kiosks at Whole Foods Market stores.
“An upgrade, not a sacrifice”
PLNT Burger was founded in 2019 by celebrity chef Spike Mendelsohn and entrepreneurs Seth and Jonah Goldman. According to research conducted by the company, its same-store sales growth rate outpaces the industry average, while the partnership with Whole Foods has produced 100% growth in catering sales from 2022 to 2023.
The capital raised through the equity crowdfunding campaign will be used to lay the groundwork for more brick-and-mortar locations in areas where PLNT Burger already has a presence. Additionally, the chain hopes to open more Whole Foods kiosks, including one in Cherry Hill, NJ.
PLNT Burger has also formed other notable partnerships, including with The Plant Based Seafood Co.; earlier this year, the chain launched a sandwich made with the latter’s plant-based crab cake at all locations. The menu option was previously available for a limited time in 2023 at PLNT Burger’s seven DC Metro area locations, where it proved a success.
“Americans devour 50 billion hamburgers annually, making them one of the biggest contributors to agricultural emissions, climate change, and the health crisis in America,” says PLNT Burger. “Enjoying delicious burgers shouldn’t come at the expense of the environment or our health. We think it’s time for a sustainable solution that’s an upgrade, not a sacrifice.”
