- Fast-casual chain MOD Pizza raised another $73 million, bringing its total equity capital raised to more than $180 million.
- The chain now has 302 locations, opening roughly 100 stores in the last year alone.
- Here's what it's like to visit.
MOD Pizza has raised another $73 million, bringing the fast-casual pizza chain's equity capital raised to more than $185 million.
"We're going to continue to grow at the rate we have been growing — which is really fast," CEO and co-founder Scott Svenson told Business Insider on Tuesday.
MOD Pizza is one of the fastest-growing chains in the industry, opening 110 locations in 2017. The fast-casual pizza chain now has 302 locations, more than doubling its size over the last two years.
"It's been fun and exhilarating, but wild is a good way of describing it," Svenson said. According to the CEO, MOD Pizza plans to continue to open roughly 100 stores a year.
In the most recent round of funding, the fast-casual pizza chain raised $33 million from existing investors, including PWP Growth Equity and Fidelity Management & Research Company. The company also closed on a $40 million credit facility.
Business Insider's Melia Robinson recently visited a MOD Pizza in Daly City, California. Here's why she believes traditional pizza delivery chains should be terrified:
Svenson — who has food industry experience as a former Starbucks executive — and his wife, Ally, co-founded MOD Pizza in 2008.
The chain draws inspiration from fast-casual king Chipotle with its assembly line. Customers can choose from a selection of toppings in front of them.
The menu also features nine "classics," or signature pizzas, from a classic cheese to the Dillon James, which features mozzarella, asiago, chopped basil, garlic, and sliced tomatoes.
Employees, called "the MOD squad," slice and prep ingredients daily to ensure freshness.
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