Startup News: Cava going public amid big revenue gain

Restaurant-chain Cava going Public amid big revenue gain

Cava Group, a nationwide chain of Mediterranean “fast-casual” restaurants, is the latest startup with plans to go public.

On May 19, the company announced it had filed with the Securities & Exchange Commission to debut on the New York Stock Exchange with the ticker, CAV. According to Reuters, the company’s revenue rose 12.8% to $564.1 million in 2022, up from $500 million a year earlier. In February, the company confirmed it had confidentially filed for an IPO.

Founded in 2006, Washington D.C.-based Cava Group provides Mediterranean food through their restaurants and digital platform. It also sells its dips and spreads at grocery stores. Cava's last known valuation was $1.39 billion as of April 2021. Among the company’s biggest financial backers to date are D.C.-based SWaN Legend Venture Partners and Baltimore’s T. Rowe Price.

Builder.ai raises $250M in funding round led by Qatar

London-based Builder.ai is seeking to make the task of enterprise software development as easy as ordering a pizza. A major sovereign wealth fund is buying into that vision.

Last week, the company announced a $250 million Series D funding round led by the Qatar Investment Authority. The latest funding takes the total amount raised by the company to over $450 million as of May 2023, according to the company’s release. Before the latest funding round, the company’s valuation was $775 million as of April 2022, which is a 180% increase from its previous valuation

According to Builder.ai, the latest round of capital will allow further investments in talent, partnerships, and technology, “with a bigger focus on using human conversation as the primary user interface for allowing people to build software.”

Boom Supersonic turns to sustainable fuel for its new jet

Boom Supersonic plans to power the world’s fastest aircraft with sustainable aviation fuel.

The Denver-based startup aircraft-maker announced last week that it has signed an agreement with Dimensional Energy, which produces carbon neutral fuels and products by recycling carbon dioxide. Boom is planning to purchase up to 5 million gallons of sustainable fuel a year over the duration of the flight test program for “Overture,” the planned supersonic aircraft that is expected to fly at speeds twice as fast as today's commercial jets.

Dimensional Energy is a leader in sustainable fuel technology and production. By combining a proprietary carbon utilization technology, Dimensional expects to rapidly bring sustainable aviation fuel to market.

Boom has also collaborated with United Airlines, which has committed to helping advance the sustainable jet fuel industry.

Boom, whose last known valuation was $1.37 billion as of April 2021, is backed by investors including Bessemer Venture Partners, Prime Movers Lab, Emerson Collective and American Express Ventures