Just Salad Startup Diligence Research Report
Diligence should focus on whether nearly-100-unit expansion, digital/app personalization, and sustainability differentiation can sustain restaurant-level margins and growth sufficient for the $1B valuation [EC-002, EC-003, EC-011, EC-012].
Just Salad Startup Diligence Research Report
Eligible private-unicorn diligence target: public evidence supports Just Salad as a current private $1B CB Insights unicorn with a $200M 2025 raise and ongoing operations [EC-001, EC-002, EC-005, EC-025]. The opportunity is a scaled healthy fast-casual/sustainability brand, but financial, cap-table, unit-economic, customer, supplier, and legal schedules are mostly private [EC-019, EC-020, EC-021].
The $1B valuation is publicly supported, but revenue, margins, cash burn, cohorts, and audited statements are not public [EC-001, EC-002, EC-019].
Diligence request: Obtain audited FY2023-FY2025/YTD2026 financials, restaurant-level P&Ls, same-store-sales bridge, cash runway, and valuation round terms.
Proceeds target new unit growth and the chain is expanding, but public data lacks lease pipeline, capex, payback, and new-store cohort performance [EC-002, EC-003, EC-006, EC-013].
Diligence request: Review lease schedule, real-estate committee minutes, capex budget, new-store AUV/payback by cohort, and labor availability.
CourtListener shows a meaningful docket footprint and NYC inspection rows include critical violations, making multi-jurisdiction compliance a key diligence area [EC-015, EC-017].
Diligence request: Counsel to provide litigation/regulatory schedule, reserves, insurance coverage, settlement obligations, inspection history, and compliance programs.
Fresh produce/proteins and reusable packaging are core to the brand but supplier concentration, commodity exposure, QA, waste, and sanitation economics are private [EC-012, EC-017, EC-021].
Diligence request: Review supplier contracts, QA audits, recall procedures, waste metrics, packaging/reusable-bowl sanitation, and commodity sensitivity.
App channels are strategic and public ratings are strong, but recent app-store reviews cite ordering, delivery, payment, and rewards issues [EC-008, EC-009, EC-010, EC-011].
Diligence request: Request app analytics, funnel conversion, crash/payment failure logs, NPS by channel, incident postmortems, and product roadmap.
B Corp, carbon labels, reusable bowl and Too Good To Go impact metrics are material to differentiation but public substantiation was largely company-sourced [EC-007, EC-012].
Diligence request: Obtain B Corp certificate, carbon-label methodology, impact report, packaging lifecycle analysis, legal review of claims.
The public model is broad B2C, catering, app, office, and delivery, but no revenue mix, top customers, delivery-platform share, or retention cohort data is public [EC-018, EC-022].
Diligence request: Request revenue by channel/customer/market, delivery partner mix, retention cohorts, catering customer list, and AR aging.
Founder/CEO is verified, but the full leadership roster, functional owners, compensation, retention, and turnover metrics are not public [EC-006, EC-023].
Diligence request: Obtain org chart, management bios, employment agreements, succession plan, turnover dashboard, and employee-relations history.
Public evidence verifies a $200M 2025 raise and approximately $1B valuation, plus 2014 Form D offerings, but full financial statements, projections, unit economics, debt, and cap table are not public [EC-001, EC-002, EC-004, EC-019, EC-020].
not publicly verifiable confidence: low
No audited or management financial statements were public; public signals are qualitative and Form D revenue range was declined [EC-004, EC-019].
| metric or document | public signal | verification status | risk implication | private data request |
|---|---|---|---|---|
| Annual/quarterly financial statements | Not public | not_publicly_verifiable | Cannot underwrite revenue quality, EBITDA, working capital, or cash burn. | Audited/reviewed income statements, balance sheets, cash flows, footnotes for FY2023-FY2025 and YTD2026. |
| SEC Form D revenue range | Decline to Disclose in 2014 filings | verified | No historic revenue baseline from SEC. | Monthly revenue bridge and restaurant-level P&Ls. |
| Same-store sales/unit economics | Company claims industry-leading same-store sales, strong profitability, increased traffic | partially_verified | Qualitative claims could mask margin pressure or maturity mix. | Same-store sales by cohort, AUV, restaurant contribution margin, labor/food/occupancy costs. |
| Backlog, AR aging, tax/NOLs | Not public | not_publicly_verifiable | Catering/office credit and working-capital exposure unknown. | AR aging, deferred revenue, gift-card liability, taxes, NOLs, leases, and off-balance-sheet obligations. |
not publicly verifiable confidence: low
Proceeds are intended for new unit growth, menu innovation, technology, and customer experience, but no projections or capital-expenditure plan are public [EC-002].
not publicly verifiable confidence: medium
Public records identify Just Salad LLC, a HoldCo disclosure, Form D history, and 2025 investors; current ownership, debt, and dilution are private [EC-005, EC-020, EC-025].
| stakeholder or entity | public position | evidence | verification status | diligence request |
|---|---|---|---|---|
| Just Salad LLC | Delaware limited liability company; SEC CIK 0001626732 | SEC company search and Form D issuer fields | verified | Formation docs, operating agreement, ownership ledger. |
| Just Salad HoldCo LLC | Corporate parent identified in 2025 litigation disclosure | CourtListener excerpt for Ostorga corporate disclosure | partially_verified | Full entity chart and intercompany agreements. |
| Wellington, D1, Neuberger Berman, Stripes | 2025 financing investors | $200M round announcement | verified | Stock purchase agreement, preference stack, side letters. |
| Employees/options/debt holders | not publicly disclosed | No public option, warrant, debt, or share schedule located | not_publicly_verifiable | Cap table, option plan, debt schedule, convertible instruments. |
partially verified confidence: medium
Financing history is partly public through 2014 Form D filings and 2025 $200M round; tax/accounting policies are not public [EC-001, EC-002, EC-004].
| date | round or filing | lead or participants | amount | post money or valuation | verification status | diligence caveat |
|---|---|---|---|---|---|---|
| 2014-12-01 | SEC Form D exempt offering | 30 investors disclosed as count only | $26.0M total amount sold | not disclosed | verified | Security terms and ownership percentages not public. |
| 2014-12-01 | SEC Form D exempt offering | 1 investor disclosed as count only | $6.0M total amount sold | not disclosed | verified | Could represent related security/vehicle; confirm with cap table. |
| 2025-02-24 | Growth capital raise | Wellington Management led; D1 Capital Partners, Neuberger Berman, Stripes participated | $200.0M | approximately $1.0B valuation | verified | Security type, liquidation preferences, investor allocations, and post-money math not public. |
No public evidence of subsequent priced rounds was found.
Just Salad has verified public product breadth across salads, wraps, bowls, soups, smoothies, catering, app ordering, Salad AI, carbon labels, and reusable-bowl positioning [EC-003, EC-007, EC-008, EC-011, EC-012].
partially verified confidence: high
Product categories and digital/sustainability features are well evidenced, but price ladders, SKU margins, market share, and product-level growth are private [EC-003, EC-007, EC-011].
| product or service | target audience | public features | evidence | verification status |
|---|---|---|---|---|
| Chef-designed salads | Health-conscious fast-casual lunch/dinner guests | Over 15 chef-designed salads; calories/protein/CO2e labels shown on site/app | PR and homepage menu cards | verified |
| Warm bowls and market plates | Guests seeking protein-forward meals | Market plates, warm bowls, fresh-prepped proteins | Homepage Gochujang Chicken Market Plate and PR product description | verified |
| Wraps, soups, smoothies, avocado toast | Adjacent fast-casual occasions | Menu expanded beyond salads | PR and App Store feature description | verified |
| Catering/office ordering | Corporate and group occasions | Catering and office CTAs | Homepage channel cards | verified |
| Digital app and Salad AI | Loyalty, pickup, delivery, personalized ordering | Nutrition/carbon info, dietary filters, one-tap reordering, AI recommendations | App Store and Restaurant Business AI article | verified |
| Reusable bowl / BringBack Bowl | Sustainability-oriented customers | Reusable bowl program and registered BRINGBACK BOWL mark | PR and USPTO | verified |
| brand or item | public pricing signal | source quality | verification status | diligence request |
|---|---|---|---|---|
| Just Salad average order | A Google Play reviewer referenced average order of $13-$15; not an official price. | single anecdotal review | inconclusive | Store-level menu price file by market, delivery markups, discount/promo history. |
| Just Salad official menu | Official homepage/order pages showed items and channels, but reliable current location prices were not captured. | official but dynamic/location-specific | not_publicly_verifiable | Export current menu and price architecture by market and channel. |
| Sweetgreen/CAVA/Chopt | Competitive basis includes price/value; exact local SKU price comparison not compiled from reliable public data. | SEC competition statements/competitor site | partially_verified | Benchmark basket pricing in core Just Salad markets. |
Pricing diligence should avoid relying on individual app-review anecdotes.
Public sources show broad B2C, app/online, catering/office, and delivery channels, but top customers, revenue concentration, AR, supplier spend, and severed relationships are not public [EC-018, EC-021, EC-022].
not publicly verifiable confidence: medium
For a restaurant model, public evidence identifies customer segments rather than named top customers; top 15 customers by application are not public [EC-018].
| customer or segment | public evidence | known use case | revenue share | verification status | diligence request |
|---|---|---|---|---|---|
| Walk-in retail guests | Nearly 100 restaurants and location CTAs | In-store fast-casual meals | not disclosed | partially_verified | Sales by location, daypart, and cohort. |
| App/online pickup and delivery users | Order site and app listings | Order ahead, delivery, rewards, personalization | not disclosed | verified channel / not_publicly_verifiable mix | Digital order share, retention, funnel conversion, delivery margin. |
| Catering and office accounts | Homepage catering/office CTAs | Group meals and corporate orders | not disclosed | partially_verified | Top 15 catering/office customers and contract terms. |
| Delivery marketplace customers | Review mentions DoorDash alternative; official delivery available in app | Third-party or native delivery | not disclosed | inconclusive | Marketplace sales, commissions, dependency by platform. |
partially verified confidence: medium
Investors, Too Good To Go, app platforms, advisors, and ingredient collaboration signals are public; economics are private [EC-002, EC-012].
| partner | relationship type | public evidence | verification status | diligence gap |
|---|---|---|---|---|
| Wellington Management, D1 Capital Partners, Neuberger Berman, Stripes | Investors | $200M round participant group | verified | Governance rights, board seats, transfer restrictions. |
| Too Good To Go | Food-waste marketplace / sustainability partner | Saved over 160,000 meals and avoided over 430,000 kg CO2e per company release | partially_verified | Partnership contract, economics, impact methodology. |
| bibigo | Ingredient/brand collaboration signal | LinkedIn update and order page feature Gochujang Chicken with bibigo sauce | partially_verified | Supplier agreement, promotional economics, exclusivity. |
| Apple App Store / Google Play | App distribution platforms | Public app listings | verified | App vendor stack, crash/uptime data, privacy compliance. |
| BofA Securities and Latham & Watkins | Placement agent and legal counsel for 2025 financing | Press release identifies transaction advisors | verified | Engagement letters and fees if material. |
not publicly verifiable confidence: low
No customer or channel revenue concentration data is public [EC-018].
not publicly verifiable confidence: low
No public list of severed customer, partner, or supplier relationships was found [EC-018, EC-021].
not publicly verifiable confidence: medium
Public product claims imply dependencies on fresh produce, proteins, packaging/reusable bowls, digital ordering, and real estate, but top supplier spend is private [EC-021].
| dependency | role | public evidence | concentration risk | verification status | diligence request |
|---|---|---|---|---|---|
| Fresh produce and ingredients | Core COGS and product quality | Prepped-daily produce/from-scratch recipes | Commodity inflation, spoilage, food safety | partially_verified | Top vendors, contract terms, QA audit history, recall procedures. |
| Proteins | Market plates/bowls and menu protein | Proteins marinated overnight and cooked fresh | Protein cost volatility and prep complexity | partially_verified | Protein supplier list, price locks, substitution rules. |
| Reusable bowl / packaging supply | Sustainability differentiation and operational compliance | Reusable bowl program, 43,000 lbs packaging waste avoided claim | Program economics, sanitation, supply availability | partially_verified | Packaging vendors, cleaning process, unit economics, regulatory review. |
| Digital ordering and app infrastructure | Pickup/delivery/rewards channel | Order site and app listings | App reliability and payments risk | partially_verified | Vendor architecture, SLA, incident history, payment processor terms. |
| Real estate pipeline | New unit growth | Nearly 100 locations and expansion proceeds | Site selection, lease liabilities, construction delays | partially_verified | Lease schedule, pipeline, capex by store, landlord concentration. |
Just Salad competes in a crowded health/fast-casual category against larger public players and private salad specialists; price, quality, service, location, digital engagement, and sustainability positioning matter [EC-013, EC-014].
verified confidence: high
Sweetgreen, CAVA, Chopt, local QSRs, delivery marketplaces, and prepared-food alternatives create multi-axis competition [EC-013, EC-014].
| competitor | segment | public footprint or signal | product overlap | differentiator vs just salad | source |
|---|---|---|---|---|---|
| Sweetgreen | Public healthy fast-casual salads/bowls | 281 restaurants in 24 states and D.C. as of FY2025 | Salads, bowls, digital/catering | Larger footprint, public reporting, automation initiatives | SEC 10-K |
| CAVA | Public Mediterranean health/wellness fast-casual | 439 restaurants in 28 states and D.C. as of FY2025 | Bowls, health positioning, catering/digital | Broader scale and grocery CPG exposure | SEC 10-K |
| Chopt | Private salad/wrap/bowl fast-casual | Healthy salads, wraps, bowls and rewards on official site | Direct salad/wrap/bowl competitor | Rewards emphasis; less public sustainability detail from source reviewed | Chopt site |
| Local/regional fast-casual and QSR restaurants | Local, regional, national chains plus delivery marketplaces/grocery prepared food | Competitor filings cite broad competition on price, quality, service, value, location, digital | Lunch/dinner convenience occasions | May outspend or underprice Just Salad in local markets | Sweetgreen/CAVA 10-Ks |
| axis | just salad position | competitor pressure | evidence | risk read |
|---|---|---|---|---|
| Price/value | Attractive price claimed by Wellington quote; exact pricing not public | High from QSR, CAVA, Sweetgreen, Chopt | PR investor quote and competitor 10-K competition factors | High sensitivity to food/labor inflation and delivery fees. |
| Health/sustainability brand | B Corp, reusable bowl, carbon labels | Sweetgreen/CAVA also health-conscious; Chopt direct salad overlap | PR/site/competitor sources | Differentiation depends on verified impact and customer willingness to pay. |
| Footprint and convenience | Nearly 100 units; expansion funding | Sweetgreen/CAVA materially larger | PR and public-company 10-Ks | Need disciplined site selection and new-store payback. |
| Digital personalization | Salad AI, app ratings, order site | Industry-wide digital/delivery competition | AI article, app stores, competitor filings | Positive but app reliability complaints could erode retention. |
Public GTM spans stores, app/online, catering/office, delivery, local openings, and sustainability/menu innovation messaging; funnel metrics and channel economics are private [EC-007, EC-008, EC-009, EC-010, EC-022].
partially verified confidence: high
Observable distribution channels include restaurants, app/online, catering/office, delivery, local openings, and sustainability-led brand marketing [EC-007, EC-008, EC-022].
| channel | region or scope | public evidence | verification status | diligence gap |
|---|---|---|---|---|
| Owned restaurant locations | NY, FL, IL, MA, NJ, CT, PA plus 2026 public opening posts in additional markets | Nearly 100 locations and LinkedIn grand openings | verified/partially_verified | Store-level sales, lease terms, company/franchise mix. |
| Mobile app / online order | Pickup and delivery where stores operate | Order site, iOS/Android app listings | verified | Conversion, retention, crash rate, payment failure rate. |
| Catering and office | Business/group meals | Homepage CTAs | verified channel / revenue not public | Top accounts, repeat rate, gross margin, credit terms. |
| Delivery / marketplace | Location-dependent | App delivery and review mentions DoorDash | partially_verified | Delivery platform contracts and unit economics. |
| Drive-thru format | Early format signal | Restaurant Business says first drive-thru opened in Livingston, NJ | partially_verified | Format economics and pipeline. |
| signal | evidence | strength | risk or gap | follow up |
|---|---|---|---|---|
| Sustainability positioning | B Corp, reusable bowl, carbon labels, Too Good To Go metrics | strong public narrative | Impact methodology and regulatory substantiation required | Impact report, B Corp certification evidence, carbon-label methodology. |
| App ratings and reviews | iOS 4.8/17K ratings; Android 1.15K reviews; negative reliability reviews | mixed | App reliability may hurt repeat orders | Cohort retention, NPS, app crash/payment logs. |
| Grand-opening local promotions | $5 opening promotions and local givebacks in LinkedIn posts | active local marketing | Promotion ROI and cannibalization not public | Opening-week CAC/payback and local store marketing budget. |
| Menu innovation PR | Salad AI and seasonal/new protein items | visible innovation cadence | Adoption and margin impact unknown | Attach rates, incremental traffic, SKU margin. |
not publicly verifiable confidence: low
Major customer relationships and pipeline are not public; B2C restaurant traffic is visible only indirectly [EC-018].
partially verified confidence: medium
New business appears generated through new-unit openings, app/online ordering, catering/office, local promotions, and menu innovation [EC-022].
not publicly verifiable confidence: low
Traditional B2B sales productivity metrics are not public; catering/office sales force, quotas, and cycle are not disclosed [EC-018, EC-022].
not publicly verifiable confidence: low
The $200M raise improves capacity for growth/technology/CX, but marketing budget and payback are not public [EC-002, EC-022].
R&D is best interpreted as product, culinary, digital, sustainability, and format innovation; public signals include Salad AI, menu innovation, reusable bowl/carbon labels, and drive-thru/new unit format, but org/costs are private [EC-011, EC-012, EC-023].
partially verified confidence: medium
Founder/CEO sponsorship is public, but product, technology, culinary, and sustainability org details are not public [EC-011, EC-023].
| person or role | public role | public evidence | verification status | diligence gap |
|---|---|---|---|---|
| Nick Kenner | Founder and CEO; public sponsor of Salad AI and growth strategy | Quoted in financing and AI articles | verified | CEO time allocation and product governance. |
| Technology/product leadership | Not publicly named in sources reviewed | Advanced technology initiatives and Salad AI announced | not_publicly_verifiable | Product/engineering org chart, vendor vs in-house split, security owner. |
| Culinary/menu innovation team | Not publicly named in sources reviewed | Over 15 chef-designed salads and seasonal launches | not_publicly_verifiable | Menu development process, test kitchen staffing, food-cost governance. |
| Sustainability/impact team | Not publicly named in sources reviewed | B Corp, reusable bowl, carbon label, Too Good To Go metrics | not_publicly_verifiable | Impact methodology owner and compliance review. |
partially verified confidence: medium
Public pipeline includes Salad AI, menu innovation, seasonal proteins, reusable/sustainability systems, and drive-thru/new-unit formats; adoption/cost/timing are not public [EC-002, EC-007, EC-011, EC-012].
| initiative | status | public evidence | expected timing | verification status | key risks |
|---|---|---|---|---|---|
| Salad AI personalized recommendations | Launched | January 2025 Restaurant Business article | launched 2025-01-24 | verified | Adoption, model quality, privacy, app reliability. |
| Advanced technology initiatives/customer experience investments | Funded priority | $200M proceeds to support menu innovation, advanced technology and CX | not disclosed | partially_verified | ROI, vendor dependency, execution bandwidth. |
| Seasonal/new protein menu launches | Active public cadence | Gochujang Chicken Market Plate and LinkedIn/newest protein update | available as of 2026 public posts/site | verified | SKU complexity, supply chain, margin. |
| Drive-thru format | Early format | Restaurant Business references first drive-thru in Livingston, NJ | opened before 2025-01 article | partially_verified | Real estate, throughput, capex/payback. |
Founder/CEO Nick Kenner and LinkedIn headcount signals are public, but full management roster, compensation, incentive plans, employee relations, and turnover are not public [EC-006, EC-023].
not publicly verifiable confidence: medium
Only founder/CEO is verified; functional leadership org is not publicly verifiable [EC-023].
partially verified confidence: medium
LinkedIn provides broad public headcount signals but not payroll truth, function/location mix, or projections [EC-006].
| signal | value or observation | date or period | verification status | diligence request |
|---|---|---|---|---|
| LinkedIn company size | 201-500 employees | published time 2026-06-10 / accessed 2026-06-15 | partially_verified | Actual employee roster by function/location and FTE/part-time split. |
| LinkedIn visible employees | View 622 employees at Just Salad | accessed 2026-06-15 | partially_verified | Reconcile LinkedIn-affiliated profiles to payroll headcount. |
| Expansion hiring demand | Multiple 2026 grand-opening posts across new/expanded markets | 2026 updates | partially_verified | Hiring plan, open roles, training costs, pre-opening labor. |
| Projected headcount by function/location | Not public | N/A | not_publicly_verifiable | Historical and projected headcount schedule by restaurant, field, HQ, function. |
partially verified confidence: medium
Nick Kenner biography/role is public; broader senior management biographies are not public [EC-023].
| name or role | public title | tenure or background signal | source | verification status | diligence gap |
|---|---|---|---|---|---|
| Nick Kenner | Founder and CEO | Founded/opened in New York City in 2006; quoted on 2025 financing and Salad AI | PR Newswire / Restaurant Business | verified | Employment agreement, equity ownership, succession plan. |
| CFO / finance leader | Not found in public sources reviewed | not publicly verifiable | Public search gap | not_publicly_verifiable | Finance org chart, controller, audit readiness, reporting cadence. |
| Operations leader | Not found in public sources reviewed | not publicly verifiable | Public search gap | not_publicly_verifiable | Regional operations structure, GM turnover, food safety owner. |
| Technology/product leader | Not found in public sources reviewed | not publicly verifiable | Public search gap | not_publicly_verifiable | App/AI ownership, security/privacy owner, vendor management. |
not publicly verifiable confidence: low
Compensation arrangements and benefits plans are not public [EC-023].
not publicly verifiable confidence: low
Equity or incentive plans are not public [EC-020, EC-023].
partially verified confidence: medium
CourtListener shows employment-related dockets, but complete employee-relations history is not public [EC-015].
not publicly verifiable confidence: low
No systematic turnover metrics are public [EC-023].
| topic | public signal | verification status | risk | diligence request |
|---|---|---|---|---|
| Executive departures | No verified executive departures found in public sources reviewed | unverified | Leadership bench and succession unknown | Management turnover schedule for last 24 months. |
| Restaurant employee turnover | No public systematic turnover metrics found | not_publicly_verifiable | Restaurant industry turnover can affect service, food safety, training cost | GM/hourly turnover, vacancy, wage, retention, employee-relations metrics. |
| Employee relations/legal signals | CourtListener includes employment-related dockets such as Sollazzo and wage/hour style complaints in results | partially_verified | Claims history may indicate HR compliance exposure | All employment claims, settlements, investigations, wage/hour audits. |
Public legal/regulatory diligence surfaces federal dockets, USPTO trademarks, NYC health inspection rows, and sustainability/B Corp claims; a complete counsel schedule remains essential [EC-015, EC-016, EC-017, EC-024].
partially verified confidence: medium
CourtListener lists numerous dockets naming Just Salad entities, including recent 2025/2026 complaints and older employment/accessibility matters [EC-015].
| case | court or docket | filed or dates | public status signal | verification status | diligence request |
|---|---|---|---|---|---|
| Castro v. Just Salad LLC | S.D. Fla. 1:26-cv-20132 | filed 2026-01-09 | Complaint against Just Salad LLC | partially_verified | Complaint, answer, damages, status, counsel assessment. |
| Ostorga v. Just Salad Services LLC | E.D.N.Y. 2:25-cv-01366 | 2025 docket; answer and corporate disclosure in July 2025 | Corporate disclosure identifies HoldCo/Just Salad parents | partially_verified | Claims, insurance, reserve, current docket status. |
| Martinez v. Just Salad LLC | D. Mass. 1:25-cv-12601 | filed 2025-09-16 | Complaint against all defendants in result excerpt | partially_verified | Pleadings and materiality. |
| Sollazzo v. Just Salad Restaurant | S.D.N.Y. 1:15-cv-00252 | 2015-2018 visible dates | Summary judgment granted in part/denied in part on Title VII claims | verified as historic docket excerpt | Settlement/resolution and HR remediation. |
| Cohan v. Just Salad Boca Center LLC | S.D. Fla. 9:24-cv-80747 | 2024-06-14 to 2024-09-30 visible dates | Accessibility-style plaintiff search result; status needs confirmation | partially_verified | ADA/accessibility compliance program and settlement obligations. |
Public docket search is not a litigation schedule.
inconclusive confidence: low
No clear material company-initiated litigation was verified from sampled CourtListener results; not exhaustive [EC-024].
| matter type | public finding | verification status | source | follow up |
|---|---|---|---|---|
| Material company-as-plaintiff litigation | No clear material Just Salad-initiated lawsuit identified in sampled CourtListener results | inconclusive | CourtListener search | Counsel to provide complete litigation schedule including state courts and arbitration. |
| IP enforcement | No IP enforcement action verified from public search; trademark portfolio exists | inconclusive | CourtListener/USPTO | List demand letters, oppositions, TTAB proceedings, settlements. |
partially verified confidence: medium
Sustainability claims are public, but environmental/safety liabilities and OSHA/workers-comp data are not public [EC-012, EC-017].
| agency or area | public action or signal | date | status | verification status | diligence request |
|---|---|---|---|---|---|
| NYC DOHMH | Brooklyn Just Salad row with critical 06C violation, score 13, Grade A | 2026-06-04 | Grade A in sampled row | verified | Full inspection history by location and corrective action logs. |
| NYC DOHMH | Manhattan row says establishment re-opened by DOHMH with critical 06D violation, score 7 | 2024-06-25 | Reopening inspection in sampled row | verified | Closure/reopening context and remediation. |
| B Corp / sustainability claims | Certified B Corp and impact metrics claimed in company release | 2025-02-24 | partially verified via company source | partially_verified | B Corp certificate, impact report, carbon-label methodology. |
| OSHA/employee safety/environmental liabilities | No comprehensive public search result included in this report | N/A | not publicly verified | not_publicly_verifiable | OSHA logs, workers comp claims, safety audits, environmental compliance. |
partially verified confidence: high
USPTO records verify trademark portfolio; patents/software licenses are not public [EC-016].
| asset | jurisdiction | status | goods or services | source | diligence caveat |
|---|---|---|---|---|---|
| JUST SALAD word mark | United States | Live/registered (sample serial 78613707; additional 2024 design/word records) | Restaurant services; salad dressings in separate live record | USPTO | Confirm ownership chain and assignments after financing. |
| BRINGBACK BOWL | United States | Live/registered | Online ordering services and restaurant/bar services | USPTO | Material to reusable bowl/sustainability moat. |
| JUST GROCERY | United States | Live/registered | Online retail grocery services featuring delivery/pickup | USPTO | Assess whether dormant/non-core brand creates maintenance cost or optionality. |
| EAT WITH PURPOSE; JUST SALAD WRAPS, BOWLS + MORE; THE CULTURE BAR | United States | Dead/abandoned/cancelled in public USPTO results | Restaurant services | USPTO | Review dead marks and current brand claims to avoid weak/unprotected slogans. |
| Patents/copyrights/software licenses | N/A | No material patent/software license disclosures found publicly | App/AI/ordering technology | Public source gap | Request IP schedule, vendor licenses, AI model/data rights. |
not publicly verifiable confidence: low
Insurance coverage, limits, deductibles, exclusions, and claim reserves are not public [EC-015, EC-017].
not publicly verifiable confidence: low
Material contracts with suppliers, delivery platforms, app vendors, landlords, investors, and sustainability partners are not public [EC-020, EC-021].
partially verified confidence: medium
NYC health inspection rows are public and require full-location review; no comprehensive multi-state regulatory schedule is public [EC-017].
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights lists Just Salad as a unicorn row at $1B valuation, joined 2025-02-24, United States/New York, Consumer & Retail, with D1 Capital Partners shown as an investor. | verified high | SRC-001 |
| EC-002 | Just Salad announced a $200M capital raise in February 2025 led by Wellington Management alongside D1 Capital Partners, Neuberger Berman, and Stripes, valuing the company at approximately $1B. | verified high | SRC-002SRC-003 |
| EC-003 | Just Salad is a New York-founded fast-casual restaurant chain with nearly 100 locations across seven named U.S. states and a menu spanning salads, wraps, warm bowls, soups, smoothies, and market plates. | verified high | SRC-002SRC-003SRC-007 |
| EC-004 | SEC Form D filings show Just Salad LLC completed exempt offerings totaling $26M and $6M in December 2014, while declining to disclose revenue range. | verified high | SRC-005SRC-006 |
| EC-005 | SEC EDGAR search for Just Salad LLC shows a private-company securities-filing profile rather than public issuer periodic reports. | partially verified medium | SRC-004 |
| EC-006 | Just Salad shows public operating activity and hiring/employee signals in 2026 on LinkedIn. | partially verified medium | SRC-009 |
| EC-007 | Just Salad publicly markets reusable bowls, fresh preparation, carbon-labeled menu items, catering, app ordering, office ordering, and online ordering. | verified high | SRC-007 |
| EC-008 | The Just Salad order site supports an app/online ordering motion with order, catering, and rewards navigation. | verified high | SRC-008 |
| EC-009 | The iOS app has strong aggregate public ratings but user reviews identify ordering and payment reliability issues. | partially verified medium | SRC-010 |
| EC-010 | The Android app listing has public review volume and includes complaints about delivery ordering and rewards expectations. | partially verified medium | SRC-011 |
| EC-011 | Just Salad launched Salad AI in January 2025 to generate personalized salad recommendations from app-based lifestyle, nutrition, and taste inputs. | verified high | SRC-012 |
| EC-012 | Just Salad publicly claims B Corp status, a major reusable-bowl program, carbon menu labels, and Too Good To Go impact metrics. | partially verified medium | SRC-002 |
| EC-013 | Public competitors Sweetgreen and CAVA operate substantially larger restaurant bases and disclose intense competition in fast-casual/health-conscious dining. | verified high | SRC-013SRC-014 |
| EC-014 | Chopt publicly overlaps Just Salad in salads, wraps, bowls, ordering, and rewards positioning. | verified medium | SRC-015 |
| EC-015 | CourtListener search results show a non-trivial legal docket footprint involving Just Salad entities, including employment, accessibility, and other civil complaints. | partially verified medium | SRC-016 |
| EC-016 | USPTO records show multiple Just Salad trademark assets, including live JUST SALAD and BRINGBACK BOWL registrations, and some dead/cancelled or abandoned marks. | verified high | SRC-017 |
| EC-017 | NYC public health inspection data includes Just Salad location inspections with critical violation flags but also Grade A records in the sample. | verified high | SRC-018 |
| EC-018 | Public sources do not disclose Just Salad top customers, customer revenue concentration, churn, backlog, or accounts receivable. | not publicly verifiable high | SRC-007SRC-008 |
| EC-019 | Public sources provide qualitative revenue/unit-economic claims but no audited revenue, margin, same-store-sales, cash burn, or profitability schedules. | partially verified medium | SRC-002SRC-005SRC-006 |
| EC-020 | Current capital structure, ownership percentages, debt instruments, options, warrants, and dilution are not publicly verifiable. | not publicly verifiable high | SRC-002SRC-004SRC-016 |
| EC-021 | Top supplier and procurement concentration data are not public, while public materials indicate dependencies on fresh produce, proteins, packaging/reusable bowls, digital ordering, and real estate. | not publicly verifiable medium | SRC-002SRC-007SRC-008 |
| EC-022 | Just Salad GTM is publicly observable across owned restaurants, app/online ordering, catering/office, delivery, local grand openings, and sustainability-led brand marketing. | verified high | SRC-007SRC-008SRC-009 |
| EC-023 | Nick Kenner is publicly identified as founder and CEO, but a complete current executive roster and management bench are not publicly verifiable. | partially verified medium | SRC-002SRC-003SRC-009 |
| EC-024 | No material company-initiated litigation was identified from the public CourtListener search reviewed, but the search is not exhaustive. | inconclusive low | SRC-016 |
| EC-025 | No disqualifying public evidence of IPO, acquisition, or shutdown was found; current evidence supports continued private-unicorn eligibility as of research date. | partially verified medium | SRC-001SRC-004SRC-007SRC-009 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.