Starbird Chicken plans to ignite its next phase of growth after closing a capital raise of $12m. The capital injection will be used for the development of additional company-owned restaurants, ghost kitchens, increasing licensing engagements and launching its franchise offering.
“This year has been a phenomenal one for Starbird and this capital infusion is evidence that our mission to reimagine what fast food can and should be has potential for exponential growth,” said Aaron Noveshen, founder and CEO of Starbird Chicken.
“When we created Starbird five years ago, we saw consumers were looking for more out of fast food and that there was an enormous opportunity for someone to step up and establish a new segment, which Starbird calls super-premium fast food. We’re incredibly proud to be a leader in the innovation of this space and are energized by what’s to come.”
Starbird reported a strong Q3 as well as year-to-date same-store sales growth of 26 per cent over 2020 and 75 per cent over 2019. The brand normally operates in streetside storefronts, stadiums, airports, and ghost kitchens.
“Over the last 18 months, consumers’ needs and wants have changed dramatically. They’re interacting with restaurants in a different way and have become even more particular about what they eat and how they purchase it. Starbird has clearly demonstrated it can deliver premium, high-quality food and an unrivaled customer experience even in the most difficult operating environment,” said Ryan Greene, a principal at KarpReilly.
“We are proud to partner with Starbird on this investment and look forward to its continued growth as it expands its business to reach more customers in the U.S.”
“From day one, we saw something special in Starbird. This innovative concept is in a league all its own. I truly admire the passion that Aaron and his team have for delivering their vision, and welcome KarpReilly as thoughtful investors and partners. Starbird continues to beat every expectation,” said Greg Dollarhyde of Dollarhyde Investment Group III, an original investor in Starbird and the previous lead investor.