Fast-casual restaurant chain continues aggressive expansion
A chain specializing in artisan-style, made-on-demand pizza shows no signs of stopping its rapid expansion.
Mod Pizza will open about 100 new locations this year, which would be the third year in a row that the company has grown by 100 stores or more. In 2017, Mod added 110 locations to its base, giving it a total of 302 stores.
“We continued our aggressive geographic expansion entering seven new states, giving us a presence in 27 states at year end,” said Scott Svenson, co-founder and CEO, Mod Pizza, which is based in Seattle. “We accomplished this during a difficult period for the broader restaurant industry, and we believe our remarkable growth was enabled, in significant part, by our continued commitment to make a positive social impact.”
Mod, a 2017 winner of Chain Store Age’s Breakout Retailers Awards, was founded in 2008 with a “people-first” mission. It is well known for its support of local non-profits and also for its employee-centric culture. In addition to above industry-average pay and benefits, and hiring people with special needs, Mod maintains an emergency fund that provides financial assistance to employees in times of expected need.
To support its rapid growth, Mod raised $33 million in equity in 2017 with continued support from its strong investor base, and closed on a $40 million credit facility. To date, the chain has raised over $185 million in total equity capital.
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