Drake continues his “certified millionaire” streak with the announcement of his latest investment.
Bloomberg is reporting that the rapper — who is enjoying a new wave of success with the release of his new album, “Certified Lover Boy,” which has just spent two weeks at the top of the Billboard charts — has thrown his support behind the Dave’s Hot Chicken franchise. He will join other celebrity investors, such as Samuel L. Jackson, in this latest funding round.
“I tried the food and it was amazing. After meeting the founders and hearing their story, I jumped at the opportunity to invest,” Drake said in a statement.
Founded in 2017, Dave’s Hot Chicken also counts Boston Red Sox capo Tom Werner amongst its cadre of elite investors. The story of Dave’s is a true rags-to-riches story: four friends teamed up and put up $900 of their own money into a small food stand in a Hollywood, CA, parking lot.
But the game really changed for them in 2019 when the original investors behind Blaze Pizza — LeBron James’ investment — took a 50 percent ownership stake in the company. This paved the way for Dave’s to obtain franchising rights.
“The investment group behind the deal includes Bill Phelps, co-founder of the Wetzel’s Pretzels chain, who is now CEO of Dave’s Hot Chicken. Phelps stepped down as CEO of Wetzel’s earlier this year,” reports Restaurant News.
Dave’s Hot Chicken is just the latest food investment in the rapper’s portfolio. As AfroTech previously reported, Drake (real name: Aubrey Drake Graham) invested in a plant-based chicken company, as well. Daring Foods Inc., which also counts D1 Capital Partners, Palm Tree Crew, and Maveron amongst its investors, is expanding its reach into more than 4,500 retail stores, including Kroger’s and Costco.
Drake’s investment in Dave’s Hot Chicken is definitely all about business, as the rapper previously announced that he is a vegetarian.
