In 2018, Mekong Capital found that Pizza 4P’s as a clear frontrunner in Vietnam’s F&B industry —the pizza chain’s customer satisfaction scores were among the highest in the industry and many of our team members were personal fans of its Japanese Italian fusion cuisine.
At that time Pizza 4P’s had already expanded to five restaurants since their first restaurant opened in 2011. The founders, Yosuke Masuko and his wife Sanae were already committed to a higher purpose of spreading smiles and creating opportunities for millions of people to experience inner peace. We believed that Pizza 4P’s represented a great opportunity for us to further scale the company and help them achieve their vision.
On the back of our vision-driven approach, which resonated with the company’s founders, we successfully won the final round of bidding to become Pizza 4P’s partner. The challenge for us then was translating their vision into operational measures that would enable the company to grow its platform.
Thus, immediately following our investment, we spent considerable time with the founders in fleshing out a set of core values and building a strong corporate culture to ensure those principles were firmly embedded across the company’s 1,500 employees. We also focused on ensuring that Pizza 4P’s had the right leadership both within the company and on the board, including assisting in the onboarding of an independent director, Bryan Pelz. Previously the co-founder of VNG, a Vietnamese technology unicorn, Pelz has been helping Pizza 4P’s accelerate its digital transformation process.
Since the partnership began, Pizza 4P’s has expanded from seven to 21 restaurants and 2 food trucks, as of 31 March 2021. The company has also become a pioneer in promoting the farm-to-table dining concept in Vietnam, prioritizing organic and sustainably produced ingredients while promoting transparency in its sourcing processes.
Looking forward, Pizza 4P’s will further scale up within Vietnam and expand internationally. We will also continue to partner with Pizza 4P’s leadership team to effectively instill the vision throughout the company, to continue to improve operating efficiencies, and to recruit and retain high-caliber talent.