Dave’s Hot Chicken has reached a major milestone, opening its 500th restaurant in Phoenix on October 8. The achievement marks a remarkable rise for a brand that began with modest means less than a decade ago.
From a Parking Lot to a Billion-Dollar Brand
Three childhood friends launched the concept in 2017 with just $900, portable fryers and folding tables in an East Hollywood parking lot. The business quickly built a loyal following, and in 2019, Wetzel’s Pretzels co-founder Bill Phelps signed on to franchise the concept. The biggest financial leap came in 2025, when private equity firm Roark Capital, which also owns Subway, acquired a majority stake at a valuation of roughly $1 billion.
The chain has shown no signs of slowing down. In April, it set a record by opening eight restaurants in a single day, a pace few restaurant brands can match.
Expanding Across Europe and Beyond
Dave’s Hot Chicken now operates in Canada, the Middle East and London. A recent deal covers 180 restaurants across 10 European countries, signalling serious international ambitions. Development rights have been sold for more than 1,592 locations worldwide, suggesting the 500-restaurant mark is only the beginning.
Despite the scale, co-founder Arman Oganesyan says the team’s focus has stayed simple. “We weren’t thinking about hundreds of restaurants,” he said. “We were focused on making the best hot chicken we could and getting people to try it.”
For prospective franchisees and investors, the brand’s trajectory offers a case study in how a product-first approach, paired with strong franchise backing and well-timed investment, can power rapid growth. With a large development pipeline already in place, Dave’s Hot Chicken looks set to keep adding locations well beyond its 500th opening.