MOD Pizza, a Seattle-based fast-casual pizza chain, has raised $33 million in new equity funding from PWP Growth Equity and Fidelity. It also secured a $40 million credit facility.
Why it matters: Because MOD Pizza combines the better attributes of process-focused Chipotle and employee-focused Starbucks (where co-founder Scott Svenson was president of Europe), and is seeking to upend more staid rivals like Domino's and Papa Johns.
- Go deeper: Business Insider does a slideshow dive.
- Bottom line: "In the crowded fast-casual pizza segment, MOD Pizza has stood out for its rapid growth and high-minded business practices. In 2017, the chain opened 110 units, bringing the total locations to over 300 outlets in the U.S. and U.K." — Gloria Dawson, Restaurant News