Eastside favorite MOD Pizza is looking at a future full of aggressive expansion based on its most recent round of funding. The company, owned and operated by Ally and Scott Svenson, announced a recent round of equity funding totaling $32 million led by existing investor, PWP Growth Equity.
“This latest round of funding will support our aggressive expansion plans in new and existing markets, while allowing us to continue to invest in our people and infrastructure so we are well positioned to reinforce our position as the leader in the rapidly emerging fast casual pizza sector,” Scott Svenson, co-founder and CEO of MOD Pizza, said in a statement. “We’ve been fortunate to find investors like PWP Growth Equity that share our commitment to consciously build a company centered around a people-first culture.”
The fast-casual restaurant has raised at total of $106 million from its investors, including a round of $45 million in 2015, also led by PWP Growth Equity. With 110 stores, the pizza chain has a presence across the United States. With this latest equity round, the company will expand into new U.S. markets, including Kansas, Missouri, Ohio, and Wisconsin, as well as the United Kingdom.
“We have been very impressed with the way MOD has executed its aggressive growth plan, and believe the company is well positioned to remain the industry leader in fast casual pizza while redefining the hospitality experience by empowering its people,” Chip Baird, co-head of PWP Growth Equity and MOD board member, said in a statement.
MOD recently expanded its executive team with three new hires. Carole McCluskey joined MOD Pizza as chief technology officer, Kevin Flaherty is the new vice president of marketing, and Lisa Luebeck is the new general counsel and vice president of legal.