Rapidly expanding fast-casual pizza chain MOD Pizza said Wednesday it has raised $32 million in new funding and will use that money to double its number of stores.
Rapidly expanding fast-casual pizza chain MOD Pizza said Wednesday it has raised $32 million in new funding and will use that money to nearly double its number of stores.
So far, the Seattle-based company has raised $106 million total from PWP Growth Equity, a private equity fund, and a small group of private investors.
PWP Growth also led the $45 million round for MOD Pizza in March 2015, the pizza company said in a news release.
The chain, which allows customers to build their own pizzas and charges the same price regardless of the number of toppings, has been on a blazing expansion kick.
Founded in 2008 by Scott and Ally Svenson, the company has 110 stores in 16 states. This year, it plans to grow in its existing markets, as well as expand into five other states and the United Kingdom. Its goal is to have about 200 stores by the end of the year.
Its ambitions highlight the growth of the fast-casual dining category, which doesn’t offer full table service and emphasizes higher quality food than typical fast-food restaurants.
While MOD Pizza has locations in downtown urban cores, its particular sweet spot is in suburban areas where there are lots of families and some businesses.