WASHINGTON – The D.C.-based &pizza chain just closed on a new round of funding to fuel expansion from RSE Ventures, an investment firm co-founded by Stephen Ross, principal owner of the NFL’s Miami Dolphins.
It is the second major round of funding for the 5-year-old &pizza in a year. While neither RSE or &pizza would disclose the amount of the RSE investment, it is larger than the $25 million &pizza raised from investors led by AVALT last November to fund its New York expansion.
RSE co-founder Matt Higgins is vice chairman of the Dolphins. Both Higgins and Ross will join &pizza’s board of directors as part of the investment.
Ross’s real estate firm Related Companies has also invested in fitness clubs Equinox and SoulCycle. RSE’s other restaurant-related investments include David Chang’s restaurant group Momofuko, whose restaurants include both Fuku and Milk Bar.
“It is our aim at RSE to arm innovative and socially conscious brands with the tools they need to command their categories,” said Higgins in a statement. “We look forward to supporting (owner Michael) Lastoria as he brings &pizza’s inclusive message, smart business and superior product to new markets.”
With the new round of funding, &pizza, which already has 23 outlets throughout the D.C. region, Philadelphia and New York City, will further expand with new locations in New York, Miami and Boston.
“We founded &pizza to create something entirely new,” Lastoria said. “We wanted to create a scalable business that’s built on sound moral grounds, and that’s why we thrive.”
Lastoria is an advocate of the Fight for 15 minimum wage cause and his employees, known as “The Tribe,” are all paid a living wage.
