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Drake buys stake in Dave’s Hot Chicken Chain Investment

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Drake buys stake in Dave’s Hot Chicken Chain Investment

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Drake, the Canadian rapper, is acquiring a minority stake in Dave’s Hot Chicken, a fried-chicken company owned by Boston Red Sox Chairman Tom Werner and actor Samuel L. Jackson.

His investment in the firm makes him one of the company’s major stockholders, albeit he is still a minority shareholder with less than 50% ownership.

Drake said in a statement, “I tried the food, and it was amazing. After meeting the founders and hearing their story I jumped at the opportunity to invest.”

Dave’s is a genuine rags-to-riches story: four buddies banded together and invested $900 in a modest food kiosk in a Hollywood, California, parking lot.

The game changed for them in 2019 when the original investors in Blaze Pizza — including LeBron James — acquired a 50% share in the firm. Dave’s was able to secure franchise rights as a result of this.

The chicken company, which debuted in 2017, already has 22 locations, mostly in California, and plans to open 25 more by the end of the year, with plans to expand to places such as Chicago and Houston. Drake, one of the most popular rappers in the world, has already shared a photo of himself with Dave’s chicken tenders, pickles, and fries on Instagram.

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Drake’s involvement will almost certainly improve the chain’s popularity. His most recent album, which was released earlier this month, sold 613 000 copies in its first week in the United States, the highest debut since Taylor Swift’s “Folklore” last year. He has 39 million Twitter followers and 92 million Instagram followers.

The Dave’s Hot Chicken menu is delightfully basic, with entrée selections including chicken tenders and chicken sliders and sides like kale, mac & cheese, fries, and cheese fries. The chicken’s spiciness (or “Heat Level”) can be adjusted from no spice through lite mild, mild, medium, hot, extra hot, or reaper (the most dangerous level of heat).

Drake had only four months prior bought a share in Daring Foods, a vegan chicken company. He was a part of the company’s $40 million Series B fundraising round, which was headed by D1 Capital Partners.

About the investment, the “Laugh Now Cry Later” spitter told the Beet, “I was immediately drawn to the Daring team’s mission to transform how we eat.” He added, “And I am excited to invest in and support a product I enjoy.”

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