It’s not just the Walmarts of the world that want to ensure they can track the produce they sell in case something goes wrong, such as contamination.
Sweetgreen, the Los Angeles-based fast-casual restaurant chain that says its mission is to connect people to “real food,” said in a press release it raised $200 million in a second funding round that will, in part, allow it to create a blockchain for tracking the food chain.
The leader of the funding was Fidelity, which recently launched Fidelity Digital Asset Services to provide custody and trade execution for cryptocurrencies for its institutional clients.
Sweetgreen “views blockchain as the most viable solution available to enable radical transparency at a systematic level, which in turn can create better tasting produce and insights around each ingredient from seed to restaurant,” it said in the release.
Also on the menu for that new $20 million are creating a new digital platform that will be personalized to customer needs, expanding into new and existing markets, expanding food delivery to companies and expanding its program of working with schools.
This funding round values Sweetgreen at more than $1 billion, which buys a lot of lettuce.