Smoothie concept Shake Smart has received an undisclosed amount of investment from American private equity investor NewSpring Capital.
The company, which specialises in protein shakes, smoothies and healthy eats, operates primarily on college campuses.
The funding marks the third investment from NewSpring Franchise's NSF II fund, dedicated to supporting consumer-facing, multi-unit businesses.
The investment will be used by Shake Smart to accelerate its growth, extending its presence within and beyond the higher education sector.
NewSpring Capital's investment aligns with its strategy of backing companies with solid unit-level economics and strong management teams.
Shake Smart, which was founded in 2011 by CEO Kevin Gelfand, also offers a variety of health-focused food items such as protein shakes, acai bowls and wraps.
The leadership of Shake Smart will remain unchanged, with CEO Kevin Gelfand continuing to steer the company.
In conjunction with the investment, NewSpring Capital will be taking an active role in the governance of Shake Smart.
Satya Ponnuru and Patrick Sugrue are set to join the company's board of directors.
Kevin Gelfand said: “Shake Smart was founded to provide healthy, delicious and nutrient-dense food and beverages to students and consumers with increasingly on-the-go lifestyles.
“Our team has successfully grown the concept to over 45 locations across the U.S. I am excited to partner with NewSpring Franchise founders Satya Ponnuru and Patrick Sugrue as Shake Smart looks to accelerate unit openings even further in this next phase of growth. Their investment and operating experience will be integral as we continue our expansion.”
NewSpring general partner Satya Ponnuru said: “Shake Smart is a leader in the growing healthy fast-casual category, establishing its brand and customer value proposition with a differentiated product offering. It represents exactly the type of company we seek to apply our proven approach to building multi-unit brands.
“Together with our deep networks, access to human capital and experience in the franchise restaurant industry, we hope to infuse Shake Smart with the right balance of operational expertise and infrastructure to enable its continued fast growth nationwide.”
