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Illustration: Sarah Grillo/Axios

Sweetgreen, one of the earliest "better for you" quick-serve restaurant chains, has filed confidentially for an IPO, Axios has learned from multiple sources.

Why it matters: The company has been a rumored IPO candidate for years, and now is coming out as a post-pandemic growth play.

Why it also matters: Axios runs on Sweetgreen. There's a store on the ground floor of our headquarters, and it's unclear if we would have launched on time had it not been for copious amounts of kale and quinoa bowls.

Behind the scenes: Sweetgreen never seriously pursued the SPAC route, and will seek to list in the fall. No word yet on how much it plans to raise, except that it will be more than the $100 million "list price."

The pitch: Expect Sweetgreen to hype how it correctly identified a coming consumer trend upon launch in 2007, and that its hundred-plus stores have only scratched the surface of what it believes could be a Chipotle-sized opportunity.

ROI: The company raised around $670 million in VC funding, including a round earlier this year at nearly a $1.8 billion post-money valuation.

  • Investors include: Revolution, T. Rowe Price, Red Sea Ventures, Collaborative Fund, Signatures Capital, Scott Belsky, Danny Meyer and Daniel Boulud.

Bottom line, per Axios editor-in-chief Nick Johnston: "I'll be spending another $15 on some kale today so makes sense they're worth billions."

Go deeper

"An embarrassment": Biden condemns Border Patrol for using horses to deter Haitian migrants

President Biden speaking from the White House on Sept. 24. Photo: Al Drago/Bloomberg via Getty Images

President Biden on Friday condemned Border Patrol officers for using horses to deter Haitian immigrants from an encampment under the international bridge earlier this week but took responsibility for the actions and said an investigation is underway.

Why it matters: Photos of patrol officers charging their horses at immigrants prompted criticism of the Biden administration's handling of the crisis at the border.

Senate GOP pushes DOJ to roll back Trump oversight rule

Photo by Chip Somodevilla/Getty Images

Senate Republicans want the Justice Department to roll back Trump-era restrictions on congressional oversight criticized at the time as an attempt to insulate the Trump administration from Democratic investigators, Axios has learned.

Why it matters: While some Republicans spoke out against the DOJ guidance at the time, it was mostly Democrats who attacked it as a constitutionally dubious effort to scuttle congressional oversight. Now the shoe is on the other foot, and the GOP is making similar arguments with Biden in the White House.

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

The great venture capital resignation

Illustration: Rae Cook/Axios

A growing number of top VCs are calling it quits, long before typical retirement age.

Between the lines: Generational turnover isn't new for venture capital, but in the past it's been born of lean times. What we're seeing now is the byproduct of unprecedented success.