MOD Pizza raises $15M to accelerate expansion
Seattle-based MOD Pizza has raised more than $15 million from private investors to support an accelerated expansion of the brand. In addition, the company announced that it will be opening stores in three new markets this summer – the San Francisco Bay Area, Phoenix and Houston – along with adding new locations in Seattle and Los Angeles.
According to a news release, MOD plans to open seven new stores by the end of August, bringing the total number of locations to 23. The company also has a pipeline of additional openings planned for this fall, with details to come.
The following locations are slated for opening by the end of August 2014:
- San Jose, Calif., July;
- North Hollywood, Calif., July;
- Phoenix, two stores, July and August;
- Houston, August;
- Newbury Park, Calif., August;
- Maple Valley, Wash., August.
“As we begin to introduce the MOD brand to new markets across the US, we feel it is important to build a significant base of company-owned stores,” Scott Svenson, co-founder and CEO, said in the release. “We are a culture driven business, and opening a significant number of company stores is the best way for us to refine the process for extending the MOD culture into new markets. We are thrilled to have attracted the capital required to accelerate our growth and build the foundations for our expansion across the US.”
The current funding was provided by existing shareholders and a group of private investors. The total capital raised to date by MOD now exceeds $26 million, the release said.