• Fidelity is leading an investment in Sweetgreen, a deal that would value the salad chain at just over $1 billion.
  • Despite the public-market volatility, the private fundraising environment has shown little signs of slowing down. Venture capital investing is primed to top $100 billion in 2018, according to a recent report by PitchBook.
A salad and drink are arranged for a photograph outside a Sweetgreen Inc. restaurant in San Francisco, California.

Sweetgreen, a fast-casual food chain that focuses on salads, is aiming for a valuation that surpasses $1 billion in a new funding round, several people with knowledge of the matter said.

Fidelity Investments is leading the round, which is close to being finalized, said the people, who asked not to be named discussing private information. Sweetgreen is seeking to raise about $200 million, one of the people said.