One of Philadelphia's fast-growing restaurant chains has secured $6 million in funding. What it will be used for is unknown, but company history hints that expansion is likely at play.
Healthy fast-casual chain honeygrow raised $6 million in equity financing. The company is hoping to raise a total of $18 million, according to documents filed with the U.S. Securities and Exchange Commission, or SEC.
Honeygrow officials would not comment on the $6 million raised, but previous funding went toward expanding in existing and new markets and enhancing technology.
The chain in 2015 received $25 million in financing and in 2016 secured another $20 million, both led by Miller Investments.
Honeygrow has since expanded into new markets like Boston, Chicago and Pittsburgh. It now has at least 24 stores in operation in at least eight states and Washington, D.C.
The local company is also an early adopter of technology, and earlier this year it began using virtual reality technology for recruitment and employee training as it continues to physically expand.
Honeygrow in October this year also debuted a second concept called minigrow in New York, with plans to open more in the state and in Philadelphia at 18th and Chestnut streets in Rittenhouse Square.
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It's a smaller, more streamlined version of honeygrow with a smaller menu. And, instead of touchscreen ordering kiosks, minigrow uses an assembly line for orders.
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