Chubby Group's $50M Series A Arrives With a GEN Korean BBQ Acquisition LOI

Chubby Group, the Los Angeles-based restaurant and hospitality company behind Chubby Cattle, Wagyu House, The X Pot, NIKU X, Chubby Skewers, and Chubby Bowls, has announced a $50M Series A round led by Prysm Capital at a $500 million valuation. The financing is earmarked to fund the growth of the company's portfolio of Asian-inspired dining concepts.

Chubby Group describes itself as operating a vertically integrated platform that combines direct sourcing and supply chain operations with restaurant development, brand services, and the Chubby Club membership program. Across its brands, the company says it focuses on premium ingredients, compelling value, and distinctive guest experiences.

Alongside the round, Chubby Group announced it has signed a letter of intent to acquire GEN Korean BBQ's 47 U.S. restaurants and four development sites from GEN Restaurant Group (Nasdaq: GENK). The transaction is valued at up to $100 million. According to the company, the acquisition is expected to significantly expand Chubby's reach and footprint, positioning it as one of the largest Asian dining groups in the United States.

The two announcements arrive together: a growth round led by Prysm Capital, and a proposed deal that would roughly add dozens of U.S. restaurant locations and development sites to the group's existing portfolio. If completed as outlined, the GEN acquisition would mark a substantial step in the company's stated ambition to scale within the Asian dining segment, where it already operates multiple concepts spanning hot pot, barbecue, skewers, and bowls.

The GEN transaction remains subject to the letter of intent, and Chubby Group did not disclose additional terms of the financing or the timing of either the round's deployment or the proposed acquisition. The company also did not announce any changes to its leadership or operations in connection with the funding.