David Chang’s restaurant group, Momofuku Holdings, has a new investor. The Related Companies chairman Stephen Ross and Matt Higgins bought minority stake through their investment vehicle RSE Ventures, the New York Post reported.
Momofuku Holdings is the group that operates David Chang’s restaurants around the world and in New York which includes Momofuku Ko and Noodle Bar.
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The terms of the deal have not been disclosed. But Chang told the Post: “The end goal was always to find a partner who would help support our businesses and allow us to continue to grow, and we think that is Steve and the RSE team. It’s something we’re very excited about.”
RSE Ventures already invested in Vayner Media and in a drone-racing league. Ross is also the majority owner of the Miami Dolphins.
“David is one of our most important young chefs and is truly shaping the future of food and the way we will eat for generations to come, ” Ross told the Post. “He has built a strong brand. Through RSE, we will help strategically grown the company.” [NYP] — Kathryn Brenzel