Chubby Group Raises $50M at $500M Valuation, Eyes 47 GEN Restaurants
Los Angeles – October 15, 2026 -- Chubby Group has closed a $50 million Series A led by Prysm Capital at a $500 million valuation and signed a letter of intent to acquire 47 U.S. GEN Korean BBQ restaurants and four development sites from GEN Restaurant Group (Nasdaq: GENK) in a transaction valued at up to $100 million.
The round is Chubby's first institutional funding. The restaurant operator behind Chubby Cattle, Wagyu House, The X Pot, NIKU X, Chubby Skewers and Chubby Bowls says the deal would make it one of the largest Asian dining groups in the U.S.
GEN deal includes $1.5 billion convertible note and perpetual brand license
GEN will hold a note convertible into Chubby Group equity at a $1.5 billion valuation as part of the consideration. Chubby will receive a perpetual license to the GEN brand. Closing remains subject to definitive agreements, license and lease transfers, and regulatory approvals.