Tuesday, December 15, 2015
Pinkberry, Backed By Venture Investors, Acquired By Kahala Brands
Los Angeles-based frozen yogurt chain Pinkberry--which is backed by venture investors--has been sold to Arizona quick serve restaurant operator Kahala Brands. Financial details of the deal were not disclosed. Pinkberry is one of the few, unusual retailers backed by venture capitalists, having previously raised funding from Maveron (the venture firm co-founded by Starbucks founder Howard Schultz), along with Ram Shiram of Sherpalo Ventures and Highland Consumer Partners. The yogurt chain is led by former venture investor Ron Graves, who previously was a General Partner at Maveron. The yogurt chain is ctually one of two, venture backed yogurt chains which were funded during 2007, during the rise of the yogurt chain concept; the other company is Red Mango, which previously raised funding from CIC Partners and Stone Canyon Partners.