The founder of completely new York’s beloved burger joint, Shake Shack, has millions to spend on start-ups looking to grow.
Danny Meyer’s Union Square Hospitality Group has raised $220 million in a private equity fund, targeting restaurant, food along with also technology investments, he told CNBC’s “Squawk Box” on Monday.
“We don’t have all the best ideas from the entire world, especially when the item comes to food,” Meyer said.
USHG’s chief investment officer, Mark Leavitt, chimed in to say in which the fund will aim to write $10 million to $20 million checks for minority stakes in different companies.
The perfect investment, Meyer explained, would likely be in “a company we wish we had come up with the idea ourselves.” The brand’s owner would likely be someone Meyer would likely hire for his own restaurant, he said.
Any potential investments should have already amassed loyal followings, having a culture in which attracts customers, Meyer added. Some examples of where USHG has already made investments include Oregon-based ice cream company Salt along with also Straw, along with also family owned Joe Coffee.
“We are not just check writers,” added Meyer. He said in which with any investment he would likely be “rooting for their success.”
along with also just because Meyer has Shake Shack, along having a slew of various other restaurants throughout completely new York, the $220 million won’t all necessarily funnel into the restaurant business, he told CNBC.
“We’re looking for any business in which incorporates a fresh way of doing something,” he said. in which could include a food delivery service, an ordering app, or a booking platform, according to Meyer along with also Leavitt.
For USHG, anything built around a “hospitality” product, merits attention.