Sweetgreen is an American fast-casual restaurant that serves salad. The restaurant has a chain of over 43 outlets. These are located in numerous cities including New York and Boston.
In fact, the restaurant continuously attracts lunch time crowds and has the kind of customer loyalty any retailer would be envious of. Perhaps you’re wondering how Sweetgreen managed to become so successful. Well, it’s all just clever marketing and a loyalty program with immensely high standards.
Sweetgreen ‘goes’ Blockchain
Companies are increasingly employing blockchain technology in a wide range of industries. These include financial services, healthcare, land grants and the food industry.
The fast-casual salad chain restaurant recently announced a second funding round which the company is calling the second act. In fact, it has a $200m financing round led by Fidelity Investments. According to the press release published on the 13th of this month, the company mentions the blockchain as being among its central development areas. The company also plans to use the funding to invest in its app, open new locations and expand its new Outpost service.
The $200 million raised brings the company’s total funding to $365 million. The company managed to raise $200 million during the first round which increased the value to over $1 billion. Similarly, the company intends to raise a matching amount during the second round.
Therefore, with this capital, Sweetgreen aims to focus on supply chain management and technology. In fact, they plan to use the blockchain to increase transparency in food supply chains.
Blockchain and Food Supply Chain
Blockchain technology siginificantly transformed food supply chain management. We see how the blockchain continuously supports the full digitization of supply chain participants, data, and workflow. It provides an opportunity to map the food journey, telling us what is in our food, where it comes from, and what happened to it throughout the process.
Blockchain not only offers transparency and quality assurance to consumers, but also eliminates the need for costly batch recalls for retailers. This is due to the fact that stores can identify and remove hazardous food products that make their way onto shelves.
“Blockchain: Agriculture Market Forecast until 2023”, recently reported that the sector is likely to grow from its current value of $60.8 million to $429.7 million at an annual growth rate of 47%.
Blockchain Will Improve Supply Chain Visibility
The CEO of Sweetgreen, Jonathan Neman, sees blockchain as the technology that will improve both supply chain visibility and trace-ability. Neman says that, they intend to go beyond a food company and become a platform.
He adds that, “We want to take all the things we’ve built for ourselves…and use that to expand out into other food categories and expand the platform closer to customers’ home.”
The one thing that makes blockchain valuable in the food industry is the fact that it creates a shared, distributed ledger of transactions over a peer-to-peer network.
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