Pinkberries are popping up all over.
The New York Times recently reported on an investment that could seriously change the booming "fro-yo" market. Namely that two-year-old yogurt purveyor Pinkberry has scored $27.5 million in its first round of venture capital. Especially noteworthy is that much of that money is coming from Maveron, a venture capital firm founded by Starbucks chairman Howard D. Schultz and former investment banker Dan Levitan.
Pinkberry, founded by Shelly Hwang and Young Lee, is by no means the only frozen yogurt company out there, but it has quickly become a name brand in a crowded market that continues to aggressively expand on both coasts. According to The Times, "the goal, Mr. Levitan said, is to lay the groundwork for expanding the franchise, while being mindful of the all-too-brief lifespan of the last frozen-yogurt trend in the late 1980s."
So is Pinkberry the new Starbucks? Not yet – it still only has two flavors. But maybe frozen yogurt isn't going to leave the scene as fast as it did last time. Also? An IPO now seems inevitable.