On Tuesday, Dig Inn, which operates 10 locations in New York City and brands itself as a "farm to table" concept serving healthy seasonal fare, announced a $15 million Series C funding round. The consortium providing Dig Inn's cash injection was led by Wexford Capital. It also includes Monogram Capital Partners, the founding partner of Riverwood Capital and former Flextronics (FLEX) CEO Michael Marks, and existing Dig Inn investor Magnus Hoglund.
The company declined to disclose what the fresh round of funding valued the business at, instead saying it projects a year end 2014 sales run rate north of $35 million.
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"We are looking at [expanding in] Manhattan proper, Brooklyn, suburbs around New York, and maybe Connecticut," Dig Inn Founder Adam Eskin told TheStreet regarding planned uses for its new funds. Other funds will be allocated towards building out the company's team and infrastructure to support national rollout ambitions. In an interview with TheStreet in July, Eskin said that Dig Inn could have 75 locations within a few years.
Dig Inn's latest round of funding highlights what has been considerable interest on the part of a range of investors for new, fast-casual restaurant concepts that offer a healthier take on the simple pizza pie or higher quality ingredients in burgers.
Better burger and shake joint Shake Shack divulged plans earlier this month for an initial public offering in 2015; the company said Tuesday it plans to raise up to $80 million in its IPO, which would value the firm at up to $568 million. Shack Shack ignites grills at 61 restaurants globally each day that have the feel of an upscale local bar.
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