MOD Pizza, the pioneer of fast-casual pizza, raised approximately $32 million in an equity funding round led by existing investor PWP Growth Equity, a private equity fund managed by Perella Weinberg Partners. The company intends to use the funds raised to finance its ongoing growth plans, which includes doubling its store base in 2016. The round represents an expanded investment from PWP Growth Equity, which led a $45 million round in MOD in March 2015. To date, the company has raised approximately $106 million from PWP Growth Equity and a small group of value-add private investors.
“At over 100 locations today, we see significant runway to sustain MOD’s growth for years to come. 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,” says Scott Svenson, cofounder and CEO of MOD Pizza. “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.”
A total of 110 MOD stores are currently in operation in 16 states including Arizona, California, Colorado, Idaho, Illinois, Maryland, Michigan, Missouri, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Texas, Virginia, and Washington. In 2016, the company plans to expand within existing markets, as well as bring the concept to new markets in the U.S., including Kansas, Kentucky, Missouri, Ohio, and Wisconsin, while also entering the United Kingdom, the company’s first international market.
David Ferguson and Chip Baird of PWP Growth Equity continue to sit on MOD’s board of directors, alongside industry leaders from iconic brands such as Starbucks, Panera Bread, and Dunkin Donuts. The company has assembled a best in class management team, supported by board members and advisors, dedicated to the brand’s growth, success, and people-first culture.
David Ferguson, co-head of PWP Growth Equity and MOD board member, says, “We have enjoyed our partnership with Scott, Ally, and the MOD team during the last year and are pleased to expand our investment, helping to support the brand’s continued growth.”
Chip Baird, co-head of PWP Growth Equity and MOD board member, says, “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.”