TORONTO — General Assembly Holdings Limited (GA Pizza) has closed an oversubscribed $13-million Series-A financing round, far exceeding its $3.5-million target.
Gravitas Securities Inc. led the financing, securing a strong and diverse shareholder base for the Toronto-based omni-channel brand, which launched its pizza-subscription business at the tail end of 2020.
“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,” says Kia Besharat, senior managing director & head of Capital Markets Origination, Gravitas Securities Inc. “The unprecedented reception is a strong validator of the business model and the differentiated value proposition GA Pizza brings to the table.”
Funds generated through the Series A will allow the company to secure a wholly owned master-production facility and increase production to 5,000 units per day by the second quarter and 10,000 units per day by the third quarter of 2021. This will allow for significant growth of the company’s ‘GA Pizza Club’ subscription membership base and scaling of the company’s grocery sales across Canada.
Alongside end-to-end expansion plans, GA Pizza will redouble its efforts to offer more plant-based products and continue to push the industry standard for sustainability forward with 100-per-cent divertible consumer packaging.
“We believe that everyday culinary moments should be easy and still delicious,” says Ali Khan 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 e-commerce experience or diverting waste from landfills through responsible packaging solutions.”
Launched in 2017, GA Pizza started as a popular Toronto restaurant before making strategic pivots into consumer packaged goods and grocery, which led to the development of a chef-driven premium, ready-to-eat frozen pizza line and, later, adding on a direct-to-consumer offering with its pizza-subscription service. The subscription service, which launched in September, has seen rapid growth, amassing more than 2,000 subscribers by January 2021.