Crave Hospitality Group Announces $7.3 Million Seed Funding Round

BOISE, Idaho, Dec. 28, 2020 /PRNewswire-PRWeb/ -- Crave Hospitality Group announces the closing of a $7.3 million seed funding round led by StageDotO, a venture capital firm that focuses on early-stage companies and provides the growth capital, guidance, and infrastructure they need to reach success. Other contributors include Meridian, ID-based investment firm and real estate developer Capital Eleven and undisclosed individual investors.

Crave plans to use the funding to build pre-opening teams for the next four Crave Collective facilities opening in 2021, followed by 10 more in 2022. Locations include Salt Lake City and Provo, Utah; the Dallas-Fort Worth metroplex; Mesa and Chandler, AZ; and Denver, CO.

"We are excited to scale this concept across the country," says Mike Self, General Partner of StageDotO Ventures. "Consumer demand for restaurant delivery has been rapidly growing for the past five years with the pandemic only accelerating this trend and expanding the customer base. Crave has brought together a collection of top chefs and restaurateurs on one platform to provide an elevated experience that is well-beyond that of third-party delivery companies. The result brings the restaurant dining experience into your living room like never before."

Founded by tech entrepreneur Devin Wade, industry veteran Chef Scott Howard, and Boise restaurateur Barry Werner, Crave Hospitality Group opened its first Crave Collective in Boise in November. Crave features a high-profile slate of restaurant partners led by four concepts from award-winning chef and restaurateur Michael Mina including Mac 'n Cue by International Smoke, his popular collaboration with celebrity entrepreneur, television host, and New York Times best-selling author Ayesha Curry. Other concepts include Mérité Bakeshop by Lincoln Carson, this year's James Beard Award nominee for Outstanding Pastry Chef, and Tony G's by Tony Gemignani, 13-time World Pizza Champion and two-time Food Network gold medalist. Nearly all of its restaurant partners will grow with Crave as it opens new locations.

"We are a hospitality-focused company powered by a proprietary technology suite, order bundling across our multiple restaurant partners, and a dedicated fleet of employee-drivers who power the customer experience much the same way a waiter or waitress would do in a restaurant," says Crave Co-Founder Devin Wade. "This allows us to meet the exacting standards of our restaurant partners, build customer relationships for them, and create operating efficiencies across the board - all of which are important for profitability. The consumer reaction, evidenced by higher order values and repeat order volume, has certainly exceeded our expectations."

Crave will launch Series A funding discussions in early 2021.

Media Contact

Lib Riddiford, Carbonate, +1 (415) 781-5700, [email protected]

SOURCE Crave Hospitality Group