Sweetgreen sells Spyce robotics unit to Wonder for $186.4 million

Sweetgreen Inc. (NYSE: SG) announced it will sell its Spyce business to Wonder for $186.4 million, marking a strategic shift as the restaurant chain focuses on growth and profitability.

The transaction includes $100 million in cash plus $86.4 million in Wonder Series C Preferred Stock based on the company's most recent equity financing valuation. Sweetgreen acquired Spyce and its Infinite Kitchen robotic technology in 2021 for approximately $70 million.

Under the sale agreement, Sweetgreen will retain rights to continue using the Infinite Kitchen technology through supply and license agreements. The automated kitchen system currently operates in over 20 Sweetgreen locations across the United States.

Wonder will acquire 38 Spyce engineers and support staff, including the company's four co-founders: Michael Farid, Kale Rogers, Brady Knight, and Luke Schlueter. The Infinite Kitchen technology automates food preparation to increase throughput and consistency while allowing front-of-house staff to focus on customer service.

"We're incredibly proud of the work our team and the Spyce team have done to develop, scale, and monetize one of the world's most advanced robotic food technologies," said Jonathan Neman, Sweetgreen's co-founder and CEO.

Wonder operates over 80 locations offering delivery, pickup, and dine-in options featuring dishes from celebrity chefs and partner restaurants. The company's platform allows customers to order from multiple restaurants in a single transaction.

Marc Lore, Wonder's founder and CEO, said the acquisition supports the company's evolution "from a first-of-its-kind, multi-restaurant operator into a truly scalable, technology-powered food platform."

The sale enables Wonder to expand its technology capabilities while allowing Sweetgreen to maintain access to the robotic kitchen systems as it continues expanding its restaurant footprint.

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