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MOD Pizza raises $42M for growthMOD Pizza raises $42M for growth

Latest round brings total funding to nearly $150 million

Lisa Jennings, Executive Editor

November 16, 2016

1 Min Read
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MOD Super Fast Pizza Holdings LLC, the parent to the fast-casual MOD Pizza chain, has raised an additional $42 million in equity led by Fidelity Management & Research Co. and PWP Growth Equity, the company said Wednesday.

The funding is the second round for Seattle-based MOD Pizza this year, bringing the operator’s total capital to date to just under $150 million. In March, MOD Pizza raised $32 million in funding, also led by PWP.

The funding will be used to continue MOD Pizza’s growth. The chain operates 177 units in 19 states, and it will continue growing in existing markets and move into new states, including Florida, Alabama, Georgia and Utah, as well as expanding in the United Kingdom.

Founded in 2008 by Scott and Ally Svenson, MOD Pizza has emerged as one of the leading fast-casual pizza players, along with Blaze Pizza and Pieology.

Unlike Blaze Pizza and Pieology, MOD Pizza relies less on franchising, and most units are company owned.

“We believe that MOD’s mission of making a positive social impact in the communities we serve has been a key factor in our success as we have expanded across the U.S. and the U.K.,” said Scott Svenson, MOD Pizza co-founder and CEO, in a statement. “We’re very grateful that Fidelity, PWP Growth Equity and our other investors have chosen to support our continued growth, so we can introduce more communities to the unique MOD experience which is fueled by our purpose-driven culture.”

Contact Lisa Jennings at [email protected]
Follow her on Twitter: @livetodineout

About the Author

Lisa Jennings

Executive Editor, Nation's Restaurant News and Restaurant Hospitality

Lisa Jennings is executive editor of Nation’s Restaurant News and Restaurant Hospitality. She joined the NRN staff as West Coast editor in 2004 as a veteran journalist. Before joining NRN, she spent 11 years at The Commercial Appeal, the daily newspaper in Memphis, Tenn., most recently as editor of the Food and Health & Wellness sections. Prior experience includes staff reporting for the Washington Business Journal and United Press International.

Lisa’s areas of expertise include coverage of both large public restaurant chains and small independents, the regulatory and legal landscapes impacting the industry overall, as well as helping operators find solutions to run their business better.

Lisa Jennings’ experience:

Executive editor, NRN (March 2020 to present)

Executive editor, Restaurant Hospitality (January 2018 to present)

Senior editor, NRN (September 2004 to March 2020)

Reporter/editor, The Commercial Appeal (1990-2001)

Reporter, Washington Business Journal (1985-1987)

Contact Lisa Jennings at:

[email protected]

@livetodineout

https://www.linkedin.com/in/lisa-jennings-83202510/

 

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