MOD Pizza Raises $33 Million in Equity Capital to Fuel Growth
Ally and Scott Svenson, co-founders of MOD Pizza.
Photo by Daniel Berman
Early to the fast-casual pizza game in 2008 and now with 300 locations, MOD Pizza announced Tuesday it raised $33 million in equity funding and closed a $40 million credit facility.
This latest funding round brings the company’s total equity capital raised to more than $185 million, financing MOD said will help it bolster its presence in existing U.S. markets and in the United Kingdom, where it’s opened a handful of locations since signing a joint venture agreement in 2015 with Sir Charles Dunstone and Roger Taylor.
Existing investors, including PWP Growth Equity and Fidelity Management & Research Company, led the equity investment, with Keybanc Capital Markets Inc. and SunTrust Robinson Humphrey Inc. arranging the credit facility, joined by Raymond James.
Scott and Ally Svenson co-founded Seattle-based MOD Pizza in 2008; the company reported systemwide sales of more than $150 million in 2016.
“As we enter our tenth year and celebrate the opening of our 300th store, we are more energized than ever before about the incredible opportunity in front of us,” CEO Scott Svenson said in a statement.
“This funding will allow us to continue to grow our business and spread MODness in 2018 and beyond,” he added.
MOD opened 110 stores in 2017, both company-owned and franchised, as it expanded into seven new states. Before MOD, the Svensons started and grew Seattle Coffee Co. in London to 65 company-owned stores before selling in 1998 to Starbucks. They later helped to develop and launch Carluccio’s in the U.K., an Italian deli-café concept, which went public in 2005 and was subsequently sold in 2010.