Starbird Chicken closes $4 million equity fundraising round

Starbird Chicken – a self-proclaimed “super-premium fast food” chicken chain – raised $4 million dollars in funding, the largest equity fundraising round from current investors and industry insiders.

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(Starbird Chicken)
(Starbird Chicken)

Starbird Chicken – a self-proclaimed “super-premium fast food” chicken chain – raised $4 million dollars in funding, the largest equity fundraising round from current investors and industry insiders, the company announced.

"I am extremely excited to have the opportunity to work with (CEO) Aaron (Noveshen) and his capable team in this phenomenal opportunity with their newly-evolving premium fast food offering,” Greg Dollarhyde, founder of Dollarhyde Enterprise Group and lead investor for the recent round, said in a statement.

“It's timely, multi-faceted technology platform along with the positioning of this absolutely craveable food concept makes Starbird the concept to watch.”

Dollarhyde has extensive restaurant experience. Previously, he was the Executive Chairman of the Board & CEO of Zoes Kitchen, a fast casual Mediterranean concept headquartered in Dallas.

Private-equity fund Cambridge SPG and clients of Arlington Capital Advisrs also invested during the fundraising round.

Continued growth in California

The San Francisco-based chain currently operates seven locations, with plans to open an additional two in the Bay area by the first quarter of 2021. Most recently, the brand opened a cloud kitchen, a virtual concept focused on delivery only, in Oakland, California.

“This landmark financing reflects the industry’s belief in our vision that we’ve had for Starbird since day one – that the fast food landscape was primed for an upgrade in quality and convenience in user experience through menu items designed with customers’ evolving tastes in mind and a modern technology platform.” CEO Aaron Noveshen said in a statement.

COVID-19 sales numbers

The brand was able to maintain momentum throughout the COVID-19 pandemic through its “curated variety of food offerings and superior ability to serve incredibly fresh chicken… with a strong, off-premise appeal,” according to the release.

Order volume at their San Francisco Cloud Kitchen location saw order volume grow 100% during the pandemic, with sales per square food of over $5,000 per year. At the brand’s street side locations, comparable store sales were up to 50% in the last six months, with top-line sales of more than $,300 per foot.

Starbird Chicken first opened in 2016 and offers sandwiches, salads, tacos, chicken tenders and wings.

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