Sweetgreen announces strategic sale of Spyce to Wonder

Sweetgreen (SG) announced that it has entered into an agreement with Wonder, the fast-growing mealtime platform, to sell the company’s Spyce business responsible for developing and launching Infinite Kitchen technology. The $186.4 million sale represents a strategic milestone for Sweetgreen, which will enable the company to reinvest in key priorities and sharpen its focus on growth and profitability. Sweetgreen will receive $100 million in cash plus shares of Series C Preferred Stock of Wonder with an implied value of $86.4 million based on the price per share at which shares were issued by Wonder to cash investors in its most recent equity financing. In connection with the sale, Sweetgreen has put in place a supply agreement and license agreement that will allow Sweetgreen, after the sale, to continue to deploy Infinite Kitchens across its restaurants, ensuring the technology’s benefits remain central to scaling, with even greater flexibility. As part of the agreement, 38 exceptional Spyce engineers and support staff, including Spyce co-founders Michael Farid, Kale Rogers, Brady Knight, and Luke Schlueter, will transition to Wonder.