#USA #Investment #Salt Lake City #Restaurant Brands #Savory Fund

Savory Fund III Exceeds Fundraising Goals

On October 13, 2026, Savory Fund proudly announced the final closure of its third fund, Savory Fund III, which successfully raised $201.5 million, exceeding its initial target of $200 million. This fundraising milestone reflects a robust vote of confidence from existing and new limited partners, including prominent financial institutions.

Confidence in Restaurant Investment

Andrew K. Smith, co-founder and Managing Director of Savory Fund, expressed enthusiasm regarding the support received from investors. “The majority of our third fund's LPs previously invested in Funds I or II. They have been with us as we scaled 13 restaurant brands nationally, and I greatly appreciate their continued confidence,” Smith stated.

Savory's strategy is deeply rooted in the belief that when effectively managed, restaurants represent not only community hubs but also lucrative business opportunities. Having already deployed 35% of its capital into four standout brands, Savory is set to enhance its portfolio further.

A Winning Portfolio Strategy

Savory Fund III continues its commitment to partnering with profitable, founder-led restaurant concepts across various segments including quick-service, fast-casual, and casual dining. In its current portfolio, Savory has invested in notable brands, such as:

• - South Block: A health-conscious acai and smoothie brand making its mark beyond the Washington, D.C. area.
• - Bonrue Bakery: A beloved European-style patisserie with a growing customer base in Utah.
• - Hawkers Asian Street Food: This Michelin Guide-recognized brand excels in annual average unit volumes and customer traffic.
• - Zao Asian Grill: A fast-casual dining concept enjoying a remarkable 20% same-store sales growth.

Shauna K. Smith, co-founder and Managing Director, emphasized that while capital is vital, Savory's true differentiator lies in the operational expertise they bring to the table. “What our investors truly support is our experienced team who understands how to grow and scale restaurant brands,” she explained.

Savory’s Impressive Track Record

Since its establishment in 2018, Savory has expanded its portfolio to encompass 13 restaurant brands across more than 400 restaurants in 27 states. Among its successes are Swig, which expanded from 17 to 46 locations before a majority stake was sold to The Larry H. Miller Company in 2022, and Mo' Bettahs, which grew from a mere 6 to 56 locations, achieving over nine times its original footprint before a stake was sold to Blue Marlin Partners and Trive Capital in 2024. Savory retains minority stakes in both brands, with Andrew K. Smith maintaining board positions to ensure continued growth and success.

Looking ahead, Savory aims to undertake four to five additional investments, actively seeking partnerships with other founder-led brands that demonstrate potential for scaling.

To explore further about Savory Fund and its initiatives, visit SavoryFund.com.

About Savory Fund

Savory Fund is a pioneering private equity firm specializing in the restaurant sector, managing over $750 million in assets. It aims to partner with promising restaurant brands offering not just financial capital but comprehensive industry expertise to enhance growth and profitability.

Savory’s philosophy emphasizes founder involvement in expansion strategies, ensuring that the uniqueness of each brand is preserved while maximizing revenue opportunities. Among its current investments are brands such as Swig, RR BBQ, Pincho, and more.