Via 313 is apparently ready to take the next step.
The Detroit-style pizzeria has received a $32.5 million strategic investment from majority owner Savory Fund along with Asilia Investments and Brightwood Capital Advisors, the company said on Tuesday.
The injection will enable the 23-unit chain to double its unit count over the next three years.
But it’s also something of a milestone. Savory Fund, the Utah-based private-equity firm that focuses on emerging chains, first bought a majority stake in the Austin, Texas-based Via 313 in 2020. But now the pizza chain has grown to the point that it needs more investment, and from more investors than just Savory Fund.
“There comes a time when Savory itself gets past being able to continue to fund our investments,” Savory cofounder Andrew Smith said in an interview. “We want to buy emerging brands and get into brands where we see there’s this great growth potential.”
As such, Savory turned to Asilia and Brightwood, which had indicated an interest in getting into the pizza category. But Smith said, Savory didn’t want to exit the investment. “We wanted to stay in,” he said.
Brothers and Detroit natives Brandon and Zane Hunt founded Via 313 in a black-and-white trailer in Austin, Texas, in 2011. The mostly full-service concept features a selection of Detroit-style pizza and customers have the option to get a gluten-free crust that’s won numerous awards. It also features bar-style pizzas, salads, appetizers and beverage and bar menus that vary by location.
“The product was different and unique and just exceptional,” Smith said, describing the first time he tried the pizza. “It has continued to win awards for quality of product and for the quality of the gluten-free crust. It just has all the makings of a brand that has staying power.”
There is also substantial white space for Detroit-style pizza. Smith also argued that there is plenty of space for experiential-based pizza brands.
Dine-in pizza largely went away as consumers shifted to takeout and delivery. But fast-casual pizza chains have largely struggled to gain traction.
“The industry went a little too far, too deep, too fast to fast-casual pizza concepts,” Smith said. “People like the experience of what pizza was like when we were growing up. You sit down, break bread around the table and have an experience. Not, get pizza as fast as I can. But just have an exceptional product and service. People want that back.”
The new funds will give the chain ammunition to keep expanding through the end of 2028, and Smith said the concept already has its planned locations for 2025 “fully booked” while 2026 is “half booked.” He also said the chain has the management team in place to keep growing.
That will also enable the chain to move into new markets.
Austin Read, a partner with the Salt Lake City-based Asilia Investments, said in a statement that Via 313 has “an exceptional management team, distinctive offerings and a strong brand, combined with the strategic support of Savory’s deep expertise” that should enable it to sustain growth.
Sengal Selassie, founder of the New York City-based Brightwood Capital, said in a statement that the funding should support new store openings in Texas, Utah and Colorado. “The brand has been at the forefront of bringing Detroit-style pizza to markets outside the Midwest,” Selassie said.
Savory noted that Via grew revenues more than 300% over the past three years.
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