Fidelity joins PWP Growth Equity and existing investors to support Company’s continued growth in fast-casual pizza category
SEATTLE, Wash. (November 16, 2016) – MOD Super Fast Pizza Holdings, LLC (“MOD Pizza,” or the “Company”), a pioneer of fast-casual pizza with the largest store base in the sector, today announced it has raised an additional $42 million of equity led by Fidelity Management & Research Company (“Fidelity”) and PWP Growth Equity. This round of funding marks the second for the Company this year, bringing total capital raised to date by MOD to just under $150 million. In 2015, MOD was named by Technomic as the fastest growing restaurant chain in the U.S. The additional capital will support the Company’s continued growth across the country.
“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, co-founder and CEO of MOD Pizza. “We are 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.”
MOD currently operates 177 locations in 19 states including Arizona, California, Colorado, Idaho, Illinois, Kentucky, Maryland, Michigan, Missouri, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Virginia, Washington and Wisconsin. In 2017, the Company plans to expand within existing markets while also introducing the concept to new markets in the U.S. including Florida, Alabama, Georgia and Utah, while also expanding its presence in the U.K.
ABOUT MOD PIZZA
A pioneer of the fast-casual pizza segment and the largest brand in the sector, MOD Pizza was founded in Seattle in 2008 by entrepreneurs Scott and Ally Svenson. MOD’s individual artisan-style pizzas and salads are made on demand, empowering customers to choose any combination of over 30 toppings, all for one set price. At the core of MOD is a purpose-led culture that’s committed to being a force for good in the community – creating not only a cool place to eat, but an inspired place to work. MOD was recently ranked as America’s fastest growing chain restaurant by Technomic; earned a spot on the Inc. 500 list as one of America’s fastest-growing private companies in 2015 and 2016; and was recognized by Fortune as the 7th best workplace in retail for its progressive hiring practices and career-growth opportunities. MOD currently has 177 locations across 19 states and the U.K. To learn more, visit modpizza.com.