# Savory Fund raises $201.5 million

> Savory Fund III secures $201.5m investment exceeding $200m target for third restaurant vehicle.
- Title: Savory Fund raises $201.5 million · Nation's Restaurant News
- Summary: Savory Fund III secures $201.5m investment exceeding $200m target for third restaurant vehicle. Savory Fund raised $201.5 million for its third restaurant…
- Keywords: savory fund, savory fund iii, restaurant investment, private equity, restaurant brands, south block, bonrue bakery, hawkers asian street food, zao asian grill, via 313 pizzeria, houston tx hot chicken, food
- Source: Nation's Restaurant News — https://nrn.com/restaurant-finance/savory-fund-raises-201-5-million-for-third-restaurant-investment-vehicle
- Read time: 2 min
- Topics: savory fund, savory fund iii, restaurant investment, private equity, restaurant brands, south block, bonrue bakery, hawkers asian street food, zao asian grill, via 313 pizzeria, houston tx hot chicken, food
## 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.
## Key takeaway

Savory Fund raised $201.5 million for its third restaurant investment vehicle, exceeding its $200 million goal.