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Pincho Factory names former Papa Murphy's exec as president, raises funding for expansion

April 2, 2018

Pincho Factory is reporting major growth initiatives this week, naming Jason Tipp — formerly CDO of Papa Murphy's — as its president, closing its first round of funding and signing a multi-unit franchising deal to expand into Washington D.C., according to a company press release.

The Series A funding round included a group of investors led by Ned Scherer, an entrepreneur and multi-unit franchisee from the Washington D.C. market. Terms of the transaction, brokered by Exeter Capital Partners, were not disclosed. As part of the transaction, however, Pincho signed a development agreement with the members of the investment group to open 10 franchised locations in the D.C. market over the next five years. The first D.C. unit should open by the end of 2018, marking the brand's first multi-unit franchise agreement outside of the South Florida market.

"This investment provides us with the funds to execute on our growth strategy and continue on the path to becoming a multi-unit, nationwide brand over the next five years," said Pincho CEO Nedal Ahmad. "Following the grand opening of our tenth location in Sunrise Florida, Pincho will focus on franchising to rapidly expand our footprint across the country, offering local entrepreneurs access to an innovative, profitable business that appeals to today's diner. The closing of our Series A round and the subsequent franchise agreement serve as a powerful endorsement of our growth potential, and we look forward to the successful introduction of our concept outside of South Florida."

Jayson Tipp named president
The company has also named Jayson Tipp as president, effective immediately. Tipp was previously the CDO of Papa Murphy's International, where he oversaw franchise sales, real estate and technology, according to the release.

"One of our goals as a company is to build a world-class team that can build the right infrastructure to support franchise partners and grow our brand. Jayson represents the exact type of leader we want on board as we enter this next chapter," Ahmad said in the release. "Jayson's vast experience in operations, franchise development, marketing and, most importantly, leading a group of talented individuals will be critical to Pincho's growth moving forward. We are confident in his ability to deliver results from day one, and look forward to working with him and growing Pincho together."