Pincho Factory announced Monday that it has closed a Series A funding round with a group of investors led by Ned Scherer, a distinguished entrepreneur and successful multi-unit franchisee from the Washington D.C. market. Terms of the transaction, brokered by Exeter Capital Partners, were not disclosed.
As part of the transaction, Pincho has also entered a development agreement with the members of the investment group to open 10 new franchised locations in the D.C. market over the next five years. The first D.C. location is expected to open by the end of 2018. This marks Pincho’s first multi-unit franchise agreement outside of the South Florida market.
“This investment provides us with the funds to execute on our growth strategy and continue on the path to becoming a multi-unit, nationwide brand over the next 5 years,” says Nedal Ahmad, co-founder and chief executive officer at Pincho. “Following the grand opening of our 10th location in Sunrise Florida, Pincho will focus on franchising to rapidly expand our footprint across the country, offering local entrepreneurs’ access to an innovative, profitable business that appeals to today’s diner. The closing of our Series A round and the subsequent franchise agreement serve as a powerful endorsement of our growth potential, and we look forward to the successful introduction of our concept outside of South Florida.”
Separately, the company has named Jayson Tipp as oresident, effective immediately. A nationally recognized restaurant leader that specializes in the areas of consumer analytics, market strategy and execution, Tipp has a proven track record of converting insights into results. He joins Pincho from Papa Murphy’s International (PMI), where he served as chief dvelopment officer overseeing the brand’s growth across franchise sales, real estate and technology.
“One of our goals as a company is to build a world class team that can build the right infrastructure to support franchise partners and grow our brand. Jayson represents the exact type of leader we want onboard as we enter this next chapter,” Ahmad says. “Jayson’s vast experience in operations, franchise development, marketing and, most importantly, leading a group of talented individuals will be critical to Pincho’s growth moving forward. We are confident in his ability to deliver results from day one, and look forward to working with him and growing Pincho together.”
Before being named chief development officer at PMI, Tipp served as PMI’s Senior Vice President of Marketing, helping the organization post 14 consecutive quarters of sales growth. Prior to his tenure at PMI, Mr. Tipp has held several senior roles in analytics and strategy with major brands that include redbox, Potbelly Sandwich Works and Starbucks.
Pincho currently has five company owned and five franchised locations throughout South Florida, with plans to expand to 100 locations nationwide over the next five years. The company opened its first location in Miami in 2010.
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