Neat Burger, a London-based vegan fast food chain, announced raising USD 18 million in a Series B funding round in October 2022. The round was led by B-Flexion, with participation from existing investors Lewis Hamilton, Chimera Capital, and new investors LionTree, New Theory Ventures, Thibaut Curtois, and Sara Sampaio.

The funds will help its global expansion efforts, including expanding into Italy and the Middle East. 

The company opened its first US location in Nolita, New York, earlier this year. The outlet beat sales expectations within its first month, fueled by high levels of repeat purchases. Further, during Q1 2023, the chain’s London outlets recorded a 20% YoY increase in sales.

Analyst QuickTake: Neat Burger’s Series B funding round fell short of the expected USD 30 million amidst a challenging macroeconomic backdrop. In April 2022, the company opened a pop-up store in New York, with other cities expected to follow, paving the way for its US expansion. Neat Burger plans to expand to Italy, a country that recently introduced legislation banning the use of “meaty” terms for plant-based products, which can be a challenge since Neat Burger's menu includes items such as "Crispy Chick'n" and "Buffalo Chick'n" burgers.