MOD Pizza has raised a further $42m (£33.9m) of new investment to aid its continued expansion in the US and the UK.

The new investment round, which was led by Fidelity Management & Research Company and PWP Growth Equity, follows a $32m equity raise by the company earlier this year.

The company, which was founded by former Seattle Coffee Company co-founders Scott and Ally Svenson and currently operates in 177 locations in 19 US states and in Leeds, Gateshead and Brighton in the UK, has raised just under $150m to date toward its expansion.

Svenson said: “We believe that MOD’s mission of making a positive social impact in the communities we serve has been a key factor in our success as we have expanded across the US and the UK. We’re very grateful that Fidelity, PWP Growth Equity and our other investors have chosen to support our continued growth so we can introduce more communities to the unique MOD experience, which is fuelled by our purpose-driven culture.”

MOD Pizza is on track to open five UK stores this year and hit a total of 15 next year.

UK chief executive John Nelson told MCA that the brand was looking at a variety of different sites and markets to test the brand in the UK and inform its growth.

He also said MOD was opening in regional sites like Brighton, Leeds, Nottingham and Newcastle and not just London to avoid miscalculating the scalability of the businesses.

It will open in London’s Irving Street at the start of next month.