Participated · Debt Financing · Jan 2018

MOD Pizza offers individual artisan-style pizzas and hand-tossed salads made on demand with any combination of over 30 toppings for a single price. The company emphasizes a people-first, purpose-driven culture and progressive hiring practices, including hiring individuals who face barriers to employment. MOD has grown rapidly — there are 433 locations system-wide across 28 states and the U.K., and it added 102 locations in 2018. Financially, MOD reported $398 million in system-wide sales and $312 million in company net revenue in 2018, with domestic system-wide same-store sales up 3.1% and 100% growth in digital orders year over year. MOD also invests in social impact and community efforts, contributing $1.8 million to causes in 2018 and planning to create additional meals for food banks. Going forward, the company plans to scale to roughly 1,000 locations over the next five years and to invest in off-premise, digital capabilities, loyalty (MOD Rewards), and personalized marketing. Mod Pizza makes individual artisan-style pizzas on demand, allowing customers to create their own pizzas and salads using fresh-pressed dough, sauces and over 30 toppings. Founded in 2008 by Scott Svenson and Ally Svensonand and based in Seattle, WA, the company operates more than 300 locations system-wide across 27 states and the United Kingdom. In October 2018 the company raised $73m, including $33m in equity and a $40m credit facility. Equity investors included PWP Growth Equity and Fidelity Management & Research Company, while Keybanc Capital Markets, SunTrust Robinson Humphrey and Raymond James provided the debt financing. The equity round brought total equity capital raised to date to more than $185m. Mod intends to use the funds to continue to grow in 2018 and bolster its presence in existing U.S. and U.K. markets. MOD Pizza, founded in Seattle in 2008, is a pioneer in the fast-casual pizza segment offering individual artisan-style pizzas and salads made on demand with any combination of over 30 toppings for one set price. The company emphasizes a purpose-led culture and social impact, positioning itself as both a place to eat and a place to work. MOD currently operates 177 locations across 19 U.S. states and the U.K. and was named the fastest-growing restaurant chain by Technomic in 2015. Financially, MOD has raised just under $150 million to date and announced an additional $42 million equity round this year. The new capital will support continued U.S. expansion within existing markets and entry into new U.S. markets (Florida, Alabama, Georgia, Utah) as well as further growth in the U.K. MOD Pizza, founded in 2008 by Scott and Ally Svenson, operates a fast-casual concept focused on individual artisan-style pizzas made on demand with fresh-pressed dough, signature sauces, and customizable toppings. Customers can build their own pizzas and salads from more than 30 featured toppings or choose from a menu of classics. The company operates 110 stores across 16 states. MOD intends to use new funding to support aggressive growth plans, including doubling its store base in 2016 and expanding within existing markets. It is also planning entry into new U.S. markets and its first international market in the United Kingdom. Financially, the company has raised approximately $106m to date. MOD Pizza operates a fast-casual concept where customers create their own pizzas and salads from any combination of 30 featured toppings or choose from menu classics; pizzas are hand-cooked in an 800-degree oven in under three minutes and salads are hand-tossed. Led by co-founder and CEO Scott Svenson, the chain also offers local draft beers, wine, handspun milkshakes and house-made lemonades and iced teas. The company currently operates 32 stores across Washington, Oregon, California, Arizona, Colorado and Texas and plans to double its store base by the end of June. MOD expects to open its 100th store before the end of 2015, including first locations in Illinois, Missouri, Michigan, Pennsylvania, Maryland, Washington DC, North Carolina and South Carolina. The business has been raising institutional capital to support rapid expansion and operational investment. The recent financing activity increased the company’s total equity raised to more than $70M.

Led · Debt Financing · Nov 2010

SurveyMonkey is a Silicon Valley company that operates an online survey and questionnaire platform. The company announced a new $250 million funding round. The company said the new capital will be used at least in part to pursue M&A and to give existing investors and employees the option to cash out. The round included participation from a group of institutional investors. The financing brings total venture capital invested into the 15‑year‑old company to more than $1.15 billion and reportedly values SurveyMonkey at about $2 billion. That $2 billion valuation is a significant increase from the $1.35 billion valuation reported one year earlier; the raise was first reported by the Wall Street Journal and confirmed by the company. SurveyMonkey is a cloud-based, consumer-friendly freemium SaaS platform for building and distributing online surveys and analyzing results. Its product suite includes surveys, an analytics platform, APIs and a developer portal; the company recently rebuilt its stack and launched a redesigned analytics offering. SurveyMonkey reports 14 million free users, 360,000 paying customers (paying roughly $200–$300/year), and averaged 65 million monthly visitors. Last year the company generated $113 million in revenue, growing ~30% year-over-year, with $61 million in earnings at a 54% margin, and it is profitable. The company employs roughly 200 people and has been reinvesting in technology and analytics capabilities. Management sees significant international expansion opportunity—site now supports 15 languages and accepts payments in 29 currencies but expects more growth outside English-speaking markets. SurveyMonkey provides online survey tools on a freemium model, upselling paid plans for advanced features. Paid tiers cost up to $20 per month for enhanced functionality, and enterprise unlimited surveys are offered for about $200 per year. The service reports roughly 25 million people responding to surveys each month and is described as a high‑margin business with revenues rumored above $50 million annually. The company has grown headcount from 14 in April 2009 to about 75 employees and earlier this year acquired Precision Polling, a phone survey startup. Management declined to disclose detailed financials publicly, but the firm’s cash‑flow profile has enabled it to pursue large debt financing.