From Nation's Restaurant News · · 2m
Savory Fund raises $201.5 million
Savory Fund III secures $201.5m investment exceeding $200m target for third restaurant vehicle.
In brief
Savory Fund III secures $201.5m investment exceeding $200m target for third restaurant vehicle. Savory Fund raised $201.5 million for its third restaurant investment vehicle, exceeding its $200 million goal. Originally reported by Nation's Restaurant News.
Savory Fund raises $201.5 million
Savory Fund has raised $201.5 million for its Savory Fund III, exceeding its $200 million goal.
Investors include returning and new partners
Investors included a mix of returning and new limited partners and 35% of the funds have already been deployed.
Four brands deployed
The funds have been deployed across four brands: South Block, Bonrue Bakery, Hawkers Asian Street Food, and Zao Asian Grill.
Savory Fund's portfolio
Savory Fund also owns Via 313 Pizzeria, Houston TX Hot Chicken, and half a dozen other brands.
Savory Fund co-founders
Co-Founders Andrew K. Smith and Shauna K. Smith lead the firm's strategy and operations.
Fund III leadership
Clay Dover, who joined Savory as CEO in January, leads Fund III with plans for eight or nine restaurant concepts.
Investor confidence
The majority of Fund III's limited partners invested with Savory in Fund I or II, showing confidence in their growth.
Savory Fund's history
Savory Fund was founded in 2018 and has grown to own 13 brands across 27 states and more than 400 restaurants.
Past investments
Savory grew soda chain Swig from 17 to 46 locations before selling a majority stake in 2022 and expanded Hawaiian concept Mo’ Bettas from six to 56 locations before selling a majority in 2024.
Assets under management
Savory Fund manages more than $750 million in assets across its restaurant brands.
Investor statement
Raising a fund is a vote of confidence, and our investors voted loudly, according to Savory Fund Co-Founder Andrew K. Smith.
Investor perspective
The majority of our third fund’s LPs invested with us in Fund I or II, showing long-term confidence in Savory Fund’s growth.
What sets Savory apart
Capital is the part of our business that’s easiest to explain, but it isn’t what sets Savory apart, according to Shauna K. Smith.
Fund III strategy
Fund III gives Savory the runway to bring its operator expertise to more founders ready for their next chapter.
The short version
Savory Fund raised $201.5 million for its third restaurant investment vehicle, exceeding its $200 million goal.
