Vegan fast-food chain Odd Burger has signed a letter of intent (LoI) with Franchise Investment and its parent venture capital division, Angelpreneur, to develop up to 50 Odd Burger restaurant locations in the US and Europe.
The Odd Burger restaurant units will be developed in Florida, US, as well as across the countries of Germany, Switzerland and Austria (the DACH region) over eight years.
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Odd Burger co-founder and CEO James McInnes said: “We are excited to work with Farshad and his team towards realising our vision of global change in the fast-food industry.”
Under the terms of the LoI, the developers, Franchise Investment and Angelpreneur, will buy area development rights for 25 locations in Florida and the master franchise rights for 25 locations in the DACH region.
In Florida, Odd Burger units will be opened and operated by the developers using their existing operational team, while in the DACH area, the developers will franchise the restaurants using their existing franchise network and operational team in the region.
Additionally, the developers will hold the right of first refusal to purchase additional territories in the EU region.
This LoI is non-binding and the obligations of the parties under it are subject to meeting certain conditions.
Based in Switzerland, the developers are a franchise and investment firm with more than 25 years of franchise experience.
Angelpreneur CEO Farshad Abbaszadeh said: “The opportunity to bring vegan fast food to a global audience is exciting for us. Odd Burger brings an efficient model and a delicious and sustainable food experience.”
