Los Angeles-based salad brand Sweetgreen is reportedly getting ready to file an initial public offering in the U.S., according to Bloomberg. The assembly line-style chain with 121 locations is allegedly working with Goldman Sachs Group Inc. on an IPO that could be filed as early as later this year.
Sweetgreen has already raised $156 million from Durable Capital Partners in January, bringing the company’s total value to $1.78 billion, the company told Bloomberg. In 2019, Sweetgreen raised $150 million in a fundraising round led in part by Lone Pine and D1 Capital. Other financial investors in the company include Fidelity Investments, Live Oak Endeavors, Blue 9 Capital, Big Loud Capital, Reshape Holdings, True Ventures and T. Rowe Price.
Sweetgreen was founded in 2007 in Washington, D.C. by Georgetown University alums and in 2016 moved their headquarters from the nation’s capital to Los Angeles. Known for their greens-rich salad bowls and house-made dressings, the company reached “unicorn” valuation status of $1 billion in 2018 following a $200 million investment.
During the pandemic, the salad chain — which is usually popular with office workers — struggled to adjust to so many Americans telecommuting in 2020. As a result, the company announced a corporate restructuring in October, cutting 20% of its workforce.
But over the past year, Sweetgreen also invested in ghost kitchens, expanded its menu and opened its first drive-thru location in Colorado in December, complete with solar panels and multichannel ordering. This month, the company announced a partnership with and investment from tennis player Naomi Osaka.
Sweetgreen did not respond to requests for comment in time for publication.