Savory Fund has made a strategic investment in Zao Asian Grill as the 23-location fast-casual restaurant chain prepares for national expansion.
Zao specializes in made-to-order Asian-inspired bowls, salads, wraps, tacos, and soups and has reported same-store sales growth of 18.2%.
Founded in 2013, Zao has established a significant presence across the Mountain West and is now preparing to expand into additional markets.
The company’s leadership team brings extensive restaurant scaling experience. Founder Dave Duffin previously founded Zuka Juice and Rumbi Island Grill, while Paul Killpack spent 13 years as CFO of Café Zupas as the chain expanded from nine to more than 80 locations.
Alongside Savory Fund’s investment, Zao has secured a $12.5 million debt facility from Columbia Bank to accelerate new restaurant development.
The company expects to open more than 10 additional locations through 2027 as it begins expanding its concept nationally.
Zao represents the fourth investment from Savory Fund III, joining South Block, Bonrue, and Hawkers. Savory manages more than $750 million in assets.
KEY QUOTES:
“Getting to finally roll up our sleeves and build something together, instead of just cheering him on from a distance, is the kind of partnership you don’t pass up. We can’t wait to show the country what the Mountain West already knows about Asian fast casual.”
Andrew K. Smith, Managing Director and Co-Founder of Savory Fund
“We’ve spent years proving that this concept works. When you offer guests approachable, flavor-forward Asian food, they’ll come back for it again and again.”
“What we needed was a partner who could match our ambition without losing sight of what makes Zao special. Savory gets it. They’ve scaled brands before and they know the difference between growing fast and growing right.”
Dave Duffin, Founder of Zao Asian Grill
