Seattle’s MOD pizza just raised $15 million in funding. The six year old company raised that on top of the $11 million that was raised since it was founded in 2008. Among the investors are Madrona Ventures, Frazier Healthcare Ventures and Century Capital.
The investors are hoping to cash in on a baby boomer trend that has folks looking for better fast food. Dozens of upscale pizza chains have come into being over the last few years.
MOD stands for Made on Demand. They offer organic dough with gourmet ingredients all cooked in three minutes. The folks behind MOD come with a great deal of experience. The CEO Scott Svenson founded Seattle Coffee Co. with his wife. It was sold to Starbucks in 1998. Svenson worked as the president of Starbucks’ European division until he founded Carluccio’s and Italian deli-café chain. Investors are always interested when they see owners putting in some of their own money. Svenson fits that bill.
The MOD chain forecasts that they will have 35 units by the end of the year. Next year they hope to offer franchises for sale. Once a chain is able to offer franchises, it allows for growth without a big need for additional capital investment. The current estimate is that they will have 90 units by the end of 2015.
The funding received by MOD will allow them to be a big competitor in the growing artisanal pizza business.