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Dig Inn company logo
LEISURE | Restaurants / Quick Service
diginn.com

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Stage

Series F | Alive

Total Raised

$148.35M

Last Raised

$65M | 1 mo ago

About Dig Inn

Dig Inn aims to democratize the farm-to-table movement by offering good food at a reasonable price, sourcing local, seasonal ingredients.

Dig Inn Headquarter Location

153 West 27th Street

New York, New York, 10001,

United States

Latest Dig Inn News

Report: Fast Casual Dig Attempting to Raise Rescue Financing

Feb 3, 2021

The brand has been hit hard by COVID's impact on office buildings. According to earlier reports, the brand missed 2019 earnings targets by $10 million. Fast casual Dig, formerly known as Dig Inn, has engaged Piper Sandler to raise rescue financing, according to a Debtwire report. The New York-based brand, which changed its name in summer 2019, is reportedly seeking roughly $15 million in new money to replenish liquidity, three sources told Debtwire. Proceeds from a potential deal would help offset cash burn. A source said COVID-19, and the office closures that followed, sliced Dig’s lunchtime base. Its revenue tumbled 90 percent as of March 2020 and the company missed 2019 earnings targets by $10 million, per an earlier report in Marker . Toward the end of March, Dig laid off an estimated 40 percent of its 100-person corporate workforce. According to Marker, which cited an email from founder and CEO Adam Eskin, as well as former company employees, Dig did so via text message, with a phone calling following 15 minutes later. In Center for an Urban Future’s 13th annual ranking of national retailers in New York City, released in December , the organization said Dig registered a net loss of 19 locations. It temporarily shuttered all but six units, each of which was based in Manhattan. According to Dig’s website, there are currently two Boston stores, one in Brooklyn, New York, six in Manhattan (reflecting the report), one in Philadelphia, and one in Rye Ridge, New York. In 2019, there were 25 NYC venues. Eskin, a former private equity associate, founded Dig in 2011. The company raised $20 million in 2019 through an equity round mainly funded by Danny Meyer-backed Enlightened Hospitality Investments ($15 million). At the time, Dig planned to expand and develop a proprietary delivery service, Room Service. The path included opening its first full-service restaurant in Manhattan and buying property in upstate New York to build a training center and grow produce. It has a farm in Chester, New York. Additionally, the company planned to hire 300 additional employees, “many of which have never stepped foot in a restaurant kitchen,”  Eskin wrote in a Medium article . They’ll “teach them that knife skills are life skills, and how learning how to cook can change everything.” Dig was   one of the original members of QSR’s 40/40 List of startup fast casuals . The brand touts a “farm-to-counter” model that involves working with farmers to plan what it will harvest and cook, and crops that are set in conjunction with menu ideation. The 2019 raise wasn’t the first time Dig Inn received funding to expand. It previously picked up $30 million in a Series D round led by AVALT, with Monogram Capital Partners and Bill Allen, the former CEO of OSI Restaurant Partners. It said then that it plans to open as many as 15 additional units by the end of 2019. Laid-off employees received two weeks of severance pay, Marker reported, regardless of how long they worked for Dig. read more

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