Latin American fast-casual chain Pincho Factory has secured Series A investment and entered into a development agreement with a group of investors to open ten new locations in the Washington DC market.

The investors’ group is led by Ned Scherer, an entrepreneur and multi-unit franchisee, with Exeter Capital Partners acting as the broker in relation to the deal.

Under the terms of the agreement, Pincho will open the ten franchised locations in the next five years, of which the first will be up and running by the end of this year.

Pincho Factory co-founder and CEO said: “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 five years.

“The closing of our Series A round and the subsequent franchise agreement serve as a powerful endorsement of our growth potential.”

“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.”

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In addition, Pincho has appointed Jayson Tipp as the company’s president. Tipp specialises in consumer analytics, market strategy and execution.

Prior to this, Jayson Tipp worked with Papa Murphy’s International as its chief development officer and senior vice-president of marketing, handling the company’s franchise sales, real estate and technology.

Tipp also held senior roles in analytics and strategy with brands such as redbox, Potbelly Sandwich Works and Starbucks.

Pincho has plans to open 100 locations across the US in the next five years. The company currently operates five company-owned and five franchised locations in South Florida.