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Investments

15

Portfolio Exits

3

About David Chang

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Latest David Chang News

David Chang’s Momofuku closing its Toronto restaurants

Sep 23, 2022

After a decade downtown Toronto, Momofuku said its is not renewing its lease and will shut the doors on three-storey University Ave. operation on Dec. 23 Fri., Sept. 23, 2022timer2 min. read A decade after Torontonians first lined up hours for bowls of ramen, platters of bossam and pork belly baos, New York-based chef David Chang’s restaurant company Momofuku announced that it is ceasing operations in the city on Dec. 23. BlogTO first broke the news Thursday about company’s exit from the city, citing an anonymous former employee. The Star reached out to a representative for Momofuku and was sent the following statement on Friday afternoon as Toronto employees were informed of the impending closure: “After 10 incredible years at 190 University Avenue, momofuku Toronto is closing on December 23. We have decided not to renew our lease at the location,” the statement said. “We are deeply grateful to the Toronto community for the support over the past decade. Thanks to the teams past and present and the guests who joined us over the years for making momofuku Toronto such a special part of the Momoverse. Toronto will always feel like home to us.” Momofuku is also offering employees of the Toronto operations who stay through the closure a $2,000 retention bonus, said Monica Narula, a spokesperson for company. Momofuku opened to much fanfare in Toronto in September 2012 inside a stand-alone three-story glass building at 190 University Ave. Each of the building’s floors had a different restaurant concept. On the first floor is a ramen restaurant Noodle Bar, followed by second floor bar Nikai and third floor restaurants Shoto, which served tasting menus, and Daisho, which did family-style platters. The following year, Momofuku pastry chef Christina Tosi opened a retail outpost of her dessert concept Milk Bar inside the building, selling its famous Compost Cookies, Cereal Milk and Milk Bar Pies (formerly known as Crack Pies ). In 2018, the third floor Shoto and Daisho made way for Kojin, first helmed by chef Paula Navarrete who brought a Colombian influence to the menu and later chef Eva Chin (now at east-end brewery The Avling) was recruited from Vancouver to be in charge of the Kojin’s kitchen just before the pandemic. Kojin recently reopened this past March for dine-in with a new menu and chef, Eric Seto, and was a restaurant recommended by the Michelin guide last week. In addition to restaurants, Chang founded the now defunct-Lucky Peach magazine, created and starred in the Netflix series Ugly Delicious for two seasons; wrote cookbooks; and in 2020, released a memoir , which prompted a former New York employee to write an essay that calls out Chang for fostering an abusive work environment. Chang responded in the essay saying that he didn’t remember the specific events detailed in the piece, but says it was consistent with his behaviour at the time and apologized. Outside of Toronto, Momofuku currently has restaurants in New York, Los Angeles and Las Vegas. In the last two years Momofuku has closed some of its other restaurants: CCDC in Washington, DC; Nishi in New York City ; Momofuku Seibo in Sydney, Australia; and Moon Palace and Majordomo Meat & Fish on the Las Vegas strip. RELATED STORIES

David Chang Investments

15 Investments

David Chang has made 15 investments. Their latest investment was in Revere VC as part of their Seed VC on May 5, 2021.

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David Chang Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/5/2021

Seed VC

Revere VC

$1.35M

Yes

10

2/22/2021

Series B

Foxtrot

$42M

Yes

25

12/3/2018

Series A - III

Oura

$5.7M

Yes

3

9/19/2017

Seed

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$99M

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10

5/17/2017

Series D

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$99M

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10

Date

5/5/2021

2/22/2021

12/3/2018

9/19/2017

5/17/2017

Round

Seed VC

Series B

Series A - III

Seed

Series D

Company

Revere VC

Foxtrot

Oura

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Amount

$1.35M

$42M

$5.7M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

10

25

3

10

10

David Chang Portfolio Exits

3 Portfolio Exits

David Chang has 3 portfolio exits. Their latest portfolio exit was clypd on October 18, 2019.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/18/2019

Acquired

$99M

1

5/8/2017

Asset Sale

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$99M

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10

1/29/2013

Acquired

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$99M

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10

Date

10/18/2019

5/8/2017

1/29/2013

Exit

Acquired

Asset Sale

Acquired

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

1

10

10

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