Plant-based food group Neat Burger has successfully raised $18m in a Series B fundraise to support its expansion into the US.

The raise was completed in October and saw reinvestment from Formula One champion Lewis Hamilton and Chimera Capital, alongside new investors including LionTree and New Theory Ventures. Private institutional investment firm B-Flexion led the round.

Neat Burger opened its first US location in Nolita, New York, last month, describing it as a “strategic move to tap into the city’s thriving foodie culture and health-conscious consumer base”.

The company’s fully plant-based menu offers ‘all-American classics’ reimagined with ‘healthier and clean’ ingredients. Its Neat Burger patty is made with a blend of superfoods including mung beans, quinoa and chickpeas.

Further international expansion is set to follow, with new restaurants to launch in Italy and the Middle East, where Neat Burger opened its first franchise in Dubai in October 2022.

Neat Burger said the first quarter of this year saw a record performance by its London restaurants with like-for-like sales up 20%. According to the group, sales during the New York restaurant’s first month of operation have beaten expectations, with high levels of repeat purchases making it the best-performing store in the group’s estate.

Co-founder and CEO of Neat Burger Zack Bishti said: “We see New York as a tastemaker gateway to the US and by all metrics it has been our most successful launch to date. New Yorkers have good taste and strong opinions and we’ve been thrilled to see customers continually return.”

Bishti added: “We’re at the heart of the growth in plant-based diets and our proximity to the customer voice sets us apart. In response to the growing demand for cleaner ingredients, we’ve incorporated healthier options into the New York menu, while continuing to serve our growing community food that’s as sustainable as it is delicious.”

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