Slice Closes $40 Million Investment Round with Plans to Keep Growing Local Businesses Amid Pandemic
NEW YORK--(BUSINESS WIRE)--Apr 14, 2021--
Slice today announced that former Twitter CEO Dick Costolo and former Twitter COO Adam Bain of 01 Advisors are the latest investors of the rapidly growing innovative tech platform powering the largest network of pizzerias nationwide. This latest investment of $40 million in Series D funding was led by Cross Creek with participation from existing investors, including GGV Capital, KKR, and Primary Ventures.
This insider-led round, allows Slice to tap into the expertise of 01 Advisors as the company continues to invest in vertical solutions for its partner shops, expand its product roadmap, and scale Slice Accelerate — an ongoing program, inspired by the constraints of COVID-19, that bolsters shops with $15,000 each worth of technology and services.
“We are excited to welcome Adam Bain and Dick Costolo from 01 Advisors as investors and welcome their support as we continue to make strategic investments to keep local thriving,” said Ilir Sela, CEO and Founder of Slice. “We are so grateful to Cross Creek for leading this round and giving us the opportunity to bring on the 01 team as we enter this next stage of growth and continue to double down on our mission.”
“Slice has emerged as the leader in powering these types of small businesses that have been serving our communities for decades,” said Adam Bain, Co-Founder and Managing Partner of 01 Advisors. “We look forward to working with Ilir and the incredible team at Slice to marry our significant operating and business-scaling experience with Slice’s focus on enabling economic growth in this category.”
Local pizzerias have long been at the heart of our communities, but they lack the resources to compete with large chains for today’s digitally-minded consumers. With over 15,000 local pizzerias in its network — more than double the U.S. footprint of Domino’s — Slice’s core mission is to keep local businesses thriving by offering the same specialized technology, marketing, data insights, shared services, and guidance that pizza franchises offer franchisees. Slice’s fixed-cost per order model has saved the local shops in its network over $250M compared to predatory third party delivery apps. These capabilities have proven essential with the surge in demand for pickup and delivery during the COVID-19 pandemic.
Slice Register and Slice Rewards are the latest examples of the tools Slice has created and launched in 2021 to help shops build their digital market share, eliminate dependence on third party delivery apps, and thrive for generations to come. Slice truly transforms independent pizzerias to serve today’s digital-minded customers.
“Slice has an incredibly impressive track record in investing in the success of independent pizzerias while better serving consumers,” said Peter Jarman, Managing Director, Cross Creek. “We’re thrilled to back the Slice team as they broaden the platform, scale product adoption, and strengthen their lead in the market by uniting small businesses with best-in-class technology and specialized services.”
A 2021 winner of Fast Company’s Most Innovative Companies Award, Slice empowers over 15,000 independent pizzerias with the modern tools that have allowed major pizza chains to dominate until now. By uniting these small businesses with specialized technology, marketing, data insights, and shared services, all at industry-low flat-rate pricing, Slice enables them to serve their digitally-minded customers and move away from 3rd party apps. Serial tech entrepreneur Ilir Sela started Slice to modernize and support his family’s New York City pizzerias. Today, the company partners with restaurants in 3,000 cities and all 50 states, forming the nation’s largest pizza network — more than double the U.S. footprint of Domino’s. For more information, visit slicelife.com.
About Cross Creek
Cross Creek invests in leading private high-growth companies. The firm was established in 2006 to bridge the gap between private and public markets. Cross Creek focuses on investing in late-stage companies with large addressable markets, clear competitive advantages, and IPO-capable management teams.
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