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Honeygrow Raises $20M

PHILADELPHIA, PA, Honeygrow has secured another round of funding that will go towards its growth and expansion.
According to the Philadelphia Business Journal, since launching in Center City in 2012, Honeygrow has opened 13 locations in the mid-Atlantic region, including locations in New Jersey, Washington, D.C., and Baltimore. It most recently opened an outpost in King of Prussia, Pennsylvania, at the King of Prussia Town Center.

More locations are all but guaranteed now that the healthy fast-casual restaurant group closed its Series D funding round of $20 million, bringing the total amount it's raised to $52 million. Honeygrow in June last year received $25 million in financing, also led by Miller Investments.

The funds will go toward Honeygrow's growth in existing markets and expansion into new markets beyond the Northeast Corridor.

Honeygrow is looking west and north for 2017 and 2018, founder and CEO Justin Rosenberg told the Philadelphia Business Journal. No leases have been signed yet.

Funding will also go toward advancements for the company's technology program, including a significant investment in its proprietarily-designed ordering kiosks.

Technology plays a large part in honeygrow's operations; each store is equipped with a number of touchscreen kiosks customers use to order their meals.

Honeygrow -- which moved into its new headquarters to Fishtown earlier this year -- went back to the drawing board for the kiosks. They now feature a new design that's more intuitive and engaging, with visuals that include custom photos of the surrounding area.

Honeygrow will also launch a number of new brand components that will complement already-existing programs and will also boost the company's engagement with guests.

'I see our company being the crossroads of really great hospitality experience and being creative with technology to enhance the guest experience,' Rosenberg said.

Although Rosenberg did not get into specifics, things to look forward to include 'Easter Eggs' planted into the kiosks, and a mobile app launching next year. Both are aimed at boosting guest loyalty.

The app would be 'a unique, interactive component' that 'no retailer, restaurant or fast-casual player has done,' Rosenberg told the Business Journal in an earlier interview.

'That's part of the DNA of the company-- figuring out ways to be different, not only by having different products, but experiences our guests will love,' Rosenberg said in a recent interview.

Honeygrow has 13 locations in six states, including Washington, D.C. The next locations to open will be second locations in Baltimore and Washington, and Brooklyn, which will be the first location to open in 2017.

'We're excited to grow the concept, focus on the basics, and continue to be representative of Philadelphia and keep growing in Philadelphia and beyond,' Rosenberg said.
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