Sweetgreen valued at $1.6B after new funding

The fast-casual salad chain Sweetgreen is now valued at $1.6 billion, up 60 percent from November.

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Sweetgreen on Monday evening said it raised $150 million in a round of funding led by Lone Pine Capital and D1 Capital Partners.

“This foundation will allow us to push boundaries and broaden our impact, doing even more with our suppliers, partners, and technology so that together we can bring about industry-wide change,” Sweetgreen co-founder and CEO Jonathan Neman said in a press release.

The company plans to use the money for strategic investments in technology, data, supply chain and social impact. It aims to launch delivery on its own app in 2020.

Sweetgreen, whose investors include Shake Shack founder Danny Meyer, has received $478.6 million in funding since launching in 2007, according to Crunchbase.

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Founded in 2007 by Neman and his Georgetown University classmates Nathaniel Ru and Nicolas Jammet, Sweetgreen has 97 restaurant locations.