IN THE LATEST EPISODE OF THE HOSPITALITY HANGOUT PODCAST, MICHAEL SCHATZBERG “THE RESTAURANT GUY” AND JIMMY FRISCHLING “THE FINANCE GUY” SIT DOWN Andrew Smith, the managing director of Savory Fund, to explore the ins and outs of fundraising in hospitality.
Savory, a Mercato Partners fund, expands small restaurant concepts into multi-unit brands by providing the capital, knowledge, and operations they need to succeed. The fund typically works with fast casual food and beverage concepts, helping them scale into 30+ unit powerhouses.
“We’re super excited. We have a very diverse portfolio, and every one of them is growing beyond our expectations,” says Smith. “We were able to raise about $114 million, which we decided to hard cap at $100 million. We’ve already allocated $40 million of that to brands that we’ve purchased and allocated for growth.”
Over 400 restaurant concepts have approached Savory, expressing interest in partnering with the fund. The number one thing Savory looks for is a clear “it” factor, supported by a growing consumer base and years of data.
Tune in to learn more. You can subscribe and listen to Hospitality Hangout Podcast on Spotify or directly on the Foodable Network.
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