KH News Desk
Urbanspace, the leading national food hall brand, has partnered with Feenix Venture Partners on a $7 Million credit facility to take advantage of the demand for its unique mix of experiential dining, chef mix, and accessible fast-casual price point.
Urbanspace develops immersive public markets which connect consumers with creative local food and retail operators, filling the experiential gap not addressed by national fast-casual and delivery-only brands. Its portfolio encompasses 7 cities with over 220 kitchens in addition to its outdoor holiday markets. Feenix Venture Partners provides growth capital through debt and equity to small and medium-sized businesses, primarily in the consumer sector. Feenix is an active investor in food & beverage, hospitality, direct-to-consumer e-commerce, SaaS, and other service businesses, and is headquartered in New York.
In the previous year, Urbanspace has experienced rapid growth with five new food halls in the Midwest and New York, and the first of a new Singapore branded concept, Urban Hawker, near Rockefeller Center. In 2023 Urbanspace is slated to expand into four new metropolitan markets on the East Coast and Los Angeles.
“We are seeing tremendous consumer response to the food hall format,” says Urbanspace President Eldon Scott. “As this segment consolidates, we are pleased to be able to partner with Feenix to help us to continue to create and manage new and second-generation food halls.”
Michael Siegel, Partner, and Managing Director at Feenix, commented, “Urbanspace has been a staple of the Midtown Manhattan lunch scene for years. With this additional capital, the Urbanspace team can take their successful concept to wider audiences across the country. Eldon and his team have done an amazing job building this business, as evidenced by their recent opening of Urban Hawker, and Feenix cannot wait to see what Urbanspace has in store for its future expansion.”