American fast casual restaurant MOD Pizza raises new capital to support growth

15th January 2018 (Last Updated January 15th, 2018 09:47)

American fast casual restaurant chain MOD Super Fast Pizza has raised additional equity funding of $33m to support its growth this year.

American fast casual restaurant MOD Pizza raises new capital to support growth
A MOD Pizza location in Seattle. Credit: SounderBruce.

American fast casual restaurant chain MOD Super Fast Pizza has raised additional equity funding of $33m to support its growth this year.

The latest funding has raised the company’s total equity capital to $185m, which will also enhance its market presence across the US and UK.

The funding round was led by existing investors, including PWP Growth Equity and Fidelity Management & Research Company. Keybanc Capital Markets and SunTrust Robinson Humphrey arranged the credit facility, joined by Raymond James, a financial services provider.

MOD CEO and co-founder Scott Svenson said: “As we enter our tenth year and celebrate the opening of our 300th store, we are more energised than ever before about the incredible opportunity in front of us.

“While it is rewarding to be recognised by our customers as the most loved pizza brand and the number one mid-sized restaurant chain in the US, it is the social impact that we are making that provides us with the most gratification.”

In addition, the company has closed a new $40m credit facility.

MOD was founded in 2008 by Scott and Ally Svenson, in Seattle. Last year, the chain opened 110 units in seven new states, bringing the total locations to over 300 outlets, increasing the store base by over 57%.