Canadian hip-hop artist Drake has decided to purchase a stake in fried chicken restaurant chain Dave’s Hot Chicken, putting him alongside fellow celebrity investors such as Boston Red Sox Chairman Tom Werner and actor Samuel L. Jackson. Drake, who is expected to own just under 50% of the company, will be one of its largest investors.
Drake released the following statement after deciding to invest: “I tried the food and it was amazing. After meeting the founders and hearing their story, I jumped at the opportunity to invest.”
Having sold the franchise rights for over 500 locations across the United States and Canada, Dave’s Hot Chicken is a celebrity-driven business. Currently, the restaurant chain has 22 locations, mostly in California, and is planning on adding another 25 by the end of the year in cities such as Chicago and Houston.
2021 has proven to be a challenging year financially for Dave’s Hot Chicken, with the company posting a net loss of about $1.9 million on a $9.1 million revenue so far. To date, the restaurant chain has invested over $10 million into its efforts to grow in the U.S. market.
