&pizza, the D.C.-based fast casual pizza chain known for its social initiatives and ampersand-tattooed tribe members, announced Tuesday it has raised a $25 million growth round led by AVALT, a Boston venture capital firm. Along with the news of the raise, &pizza announced it will be expanding into "several major markets," which will include New York City in 2017.
“Due to the success we have enjoyed and achieved to date, &pizza generated significant investment interest," &pizza CEO Michael Lastoria said in a statement. "We ultimately chose AVALT given their deep and relevant investment experience, and desire to create a long term partnership to help us embark on the next level of our ambitious journey. This funding will guarantee a continued focus on the growth of our business and our Tribe members."
AVALT has also invested in Outback Steakhouse, Domino’s Pizza and Dunkin’ Donuts.
The first target for New York will be the NoMad neighborhood, close to Madison Square Park (the home to the original location of fast casual burger chain Shake Shack). New York, despite boasting immense competition when it comes to pizza, has been on the list for Lastoria for a while, he recently told DC Inno. He is also the founding partner of JWalk, a New York creative agency in the same Manhattan neighborhood, and he lived in the city before moving to D.C. to start &pizza.
&pizza's has been quickly expanding closer to home as well. The company recently opened its sixteenth D.C. store in Chinatown, with another shop in Georgetown opening this week. The Chinatown location was the first &pizza to feature more formal table service and a bar program, and the company has plans for a Foggy Bottom location that also goes beyond the typical fast casual mold. Store openings in Baltimore and Philadelphia this year have also paved the way for the East Coast expansion.
Aside from its mission of serving pizza, the chain and CEO Lastoria have taken a vocal stand in the push for raising the minimum wage. Lastoria was present with Mayor Bowser earlier this year when she signed the District's $15/hour minimum wage into law, and &pizza has been a leader in providing a fare living wage to employees. That mission will continue as the company grows, Lastoria says.
"To incorporate the DNA of each community we serve, and leading the movement and being a voice of #fightfor15 is all we could ever ask for.”
