What is Smashburger?
Founded in 2007 by Rick Schaden and Tom Ryan, Smashburger IP Holder LLC, operating as Smashburger, is an American fast-casual restaurant chain renowned for its signature "smashed" burgers. This cooking technique, involving searing burgers on a high-heat flattop grill, originates from the Great Lakes region and is designed to enhance flavor. The company has expanded to over 227 corporate and franchise-owned locations across 35 U.S. states and two Canadian provinces. While the chain experienced rapid growth in its early years, it later adjusted its expansion plans in response to market dynamics within the "better burger" segment. The menu also features chicken, turkey, and portobello sandwiches, alongside various sides, with some locations offering gluten-free bun options.
How much funding has Smashburger raised?
Smashburger has raised a total of $461.7M across 10 funding rounds:
Private Equity
$1M
Unspecified
$1.1M
Private Equity
$5.8M
Private Equity
$19.8M
Unspecified
$35M
Private Equity
$1M
Debt
$48M
Private Equity
$335M
Debt
$10K
Private Equity (2010): $1M, investors not publicly disclosed
Unspecified (2010): $1.1M, investors not publicly disclosed
Private Equity (2011): $5.8M, investors not publicly disclosed
Private Equity (2012): $19.8M, investors not publicly disclosed
Unspecified (2013): $35M with participation from Golub Capital
Private Equity (2013): $1M, investors not publicly disclosed
Debt (2014): $48M, investors not publicly disclosed
Private Equity (2015): $335M featuring Jollibee Foods Corp.
Debt (2024): $10K backed by Wells Fargo
Key Investors in Smashburger
Jollibee Foods Corp.
Jollibee Foods Corporation is a major international quick-service operator that acquired a significant stake in Smashburger. They are known for their extensive global presence and diverse portfolio of restaurant brands, indicating a strategic interest in expanding their fast-casual offerings.
Golub Capital
Golub Capital is a prominent lender that has provided debt financing to Smashburger, suggesting a role in supporting the company's operational and expansionary capital needs through credit facilities.
Wells Fargo
Wells Fargo, a major financial institution, has provided debt financing to Smashburger, indicating their involvement in supporting the company's capital requirements through lending.
What's next for Smashburger?
With a substantial history of capital raising, including a significant private equity investment from Jollibee Foods Corporation in 2015, Smashburger appears to be in a growth or consolidation phase. The recent influx of moderate growth capital suggests a focus on enhancing existing operations, potentially expanding market reach, or investing in new product development. The company's strategic positioning within the fast-casual dining sector, characterized by evolving consumer preferences for quality and convenience, will be critical. Future initiatives may involve leveraging technology for improved customer experience, optimizing supply chains, and potentially exploring further market penetration or strategic partnerships to sustain its competitive edge.
See full Smashburger company page
