The US fast-casual salad chain Sweetgreen announced a second round of financing to raise $ 200 million, mentioning the blockchain among its key development areas, according to a press release published Tuesday, November 13.
During the first round, closed in late October, the company managed to raise $ 200 million, becoming valued at over $ 1 billion. During the second phase led by the main asset management company Fidelity Investments, the chain of salads aims to collect a similar amount.
The goal, in particular, will allow Sweetgreen to focus on the development of technology and the supply chain, the statement said, with blockchain mentioned as the "most viable solution available" to increase transparency in food supply chains. Sweetgreen, which owns 90 restaurants in the United States, plans to use decentralized solutions to track food from its supplier over the counter.
Blockchain is widely used in agriculture, especially in food supply chains. A recent report entitled "Blockchain: Agriculture Market Forecast until 2023" estimates that the blockchain sector in the agricultural sector will grow from its current value of $ 60.8 million to $ 429.7 million over the next five years.
As evidence of these claims, the four largest agricultural companies in the world, known as ABCD, have recently collaborated to digitize international grain trade using blockchain and artificial intelligence (AI). The technologies will initially be used to automate the processes of post-trade execution of cereals and oilseeds, with additional plans to extend the experiment to the areas of shipping, storage and customer experience.
In addition, supermarket networks also use blockchain to track food. Albert Heijn, the largest supermarket chain in the Netherlands, revealed in September that it uses the blockchain to make its history of orange juice production transparent.