MOD Super Fast Pizza Holdings LLC, the parent to the fast-casual MOD Pizza chain, has raised an additional $42 million in equity led by Fidelity Management & Research Co. and PWP Growth Equity, the company said Wednesday.
The funding is the second round for Seattle-based MOD Pizza this year, bringing the operator’s total capital to date to just under $150 million. In March, MOD Pizza raised $32 million in funding, also led by PWP.
The funding will be used to continue MOD Pizza’s growth. The chain operates 177 units in 19 states, and it will continue growing in existing markets and move into new states, including Florida, Alabama, Georgia and Utah, as well as expanding in the United Kingdom.
Founded in 2008 by Scott and Ally Svenson, MOD Pizza has emerged as one of the leading fast-casual pizza players, along with Blaze Pizza and Pieology.
Unlike Blaze Pizza and Pieology, MOD Pizza relies less on franchising, and most units are company owned.
“We believe that MOD’s mission of making a positive social impact in the communities we serve has been a key factor in our success as we have expanded across the U.S. and the U.K.,” said Scott Svenson, MOD Pizza co-founder and CEO, in a statement. “We’re very grateful that Fidelity, PWP Growth Equity and our other investors have chosen to support our continued growth, so we can introduce more communities to the unique MOD experience which is fueled by our purpose-driven culture.”