MOD Pizza just completed a very special order — closing a $15 million funding round. That’s usually not news on a tech site like GeekWire, but then look at who is involved in the Seattle pizza chain’s latest financing.
According to Nation’s Restaurant News, Zillow CEO Spencer Rascoff; T-Mobile COO Jim Alling and Madrona Venture Group’s Matt McIlwain and Paul Goodrich participated in the round. Other investors include Duncan Brands Group CEO Nigel Travis and Schwartz Brothers Restaurants Chairman Bill Schwartz.
That must be some really good pizza at the fast-growing chain, which now operates 16 locations in Washington, Oregon and California. But the company, which is embarking on a national expansion for as many as 100 new stores, also has a solid management team in place.
MOD — which stands for made-on-demand — was founded in 2008 by former Seattle Coffee Company co-founder Scott and Ally Svenson. That company sold to Starbucks for a reported price of $83 million in 1998. Scott Svenson is the former president of Starbucks Europe, and worked as a managing partner at Freestone Capital Management.
“We are a culture driven business, and opening a significant number of company stores is the best way for us to refine the process for extending the MOD culture into new markets,” said Svenson in a release. “We are thrilled to have attracted the capital required to accelerate our growth and build the foundations for our expansion across the US.”
Zillow’s Rascoff also is excited to be involved, based on this Tweet.
— Spencer Rascoff (@spencerrascoff) May 12, 2014
MOD Pizza is not to be confused with Mad Pizza, another Seattle pizza chain backed by tech investor and Seattle Sounders general manager Adrian Hanauer.