©General Assembly Pizza
Toronto-based pizza business General Assembly Pizza has raised CAD 13 million ($10.25 million) in a Series A financing round, as it looks to scale its meal subscription service across Canada.
The oversubscribed funding round far exceeded the company’s CAD 3.5 million ($2.76 million) target and was led by investment dealer Gravitas Securities.
While first opening as a fast-casual restaurant in 2018, the Covid-19 pandemic saw GA Pizza move into the consumer-packaged-goods and grocery sector with the launch of a premium frozen pizza line in Ontario grocers, followed by a pizza subscription service.
With the capital, GA Pizza intends to significantly grow its GA Pizza Club subscription membership base – recording over 2,000 subscribers by January 2021 – as well as its grocery sales across Canada.
The company first intends to secure a wholly-owned master production facility, with plans to increase its capacity to 5,000 units per day by the second quarter of 2021 and 10,000 units per day by the third quarter.
As well as its expansion plans, GA Pizza intends to offer more plant-based products and drive its sustainability efforts with 100% divertible consumer packaging.
“We believe that everyday culinary moments should be easy, and still delicious,” said Lalani, founder and CEO of GA Pizza.
“We’re constantly striving for ‘better’ in every area of our business. Whether we’re re-thinking the frozen pizza category from the ground up, enhancing our ecommerce experience, or diverting waste from landfills through responsible packaging solutions,” he added.
Kia Besharat, senior managing director and head of capital markets origination at Gravitas Securities, said: “GA Pizza’s strong leadership team coupled with demand for premium and elevated culinary experiences at home made this a tremendously exciting opportunity for our investor base. The unprecedented reception is a strong validator of the business model and the differentiated value proposition GA Pizza brings to the table.”
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