CHICAGO — Foxtrot, dubbed a “modern convenience store” operator, has raised $100 million in a Series C round, bringing its total funding to $160 million.
Founded in 2014, Foxtrot debuted as a digital-only delivery service highlighting local and emerging food brands. The company has since opened more than a dozen locations in Chicago, Dallas and Washington, DC, and plans to expand in existing markets and new cities, including Boston and Austin, Texas, this year. Each store offers rapid delivery and five-minute pickup. The company also introduced Foxtrot Anywhere, a national shipping platform.
“As we exit the pandemic and our lives continue to normalize following a challenging and eye-opening two years, we expect that retail and hospitality will become increasingly important in creating a sense of community and driving discovery in a world that’s been lacking this experience for quite some time,” said Mike LaVitola, co-founder and chief executive officer of Foxtrot. “With this new round of funding, we’ll continue to accelerate the expansion of our brick-and-mortar presence, enter new and emerging markets and double down on new store formats that answer consumer demand for immersive programming and highly curated assortment. Our investments in technology will enhance our retail experience and drive omnichannel growth. We look forward to bringing Foxtrot to new neighborhoods and highlighting the small makers that make our industry so exciting.”
Foxtrot plans to use the new funding to expand its team with dedicated hires to optimize logistics, store payments, inventory management, personalization and its loyalty program. Additionally, the company said it will broaden its private label product assortment, which currently include potato chips, gummy candy and granola. The company expects to develop and launch approximately 200 new items to the assortment over the next year.
D1 Capital Partners led the funding round. Participants including existing investors Monogram, Imaginary, Almanac, Wittington, Fifth Wall and Beliade and joining historical investors Lerer Hippeau and Revolution.“Foxtrot’s track record for creating neighborhood spaces that drive repeat visits and habitual purchase has made it a clear leader in trend prediction and understanding what the future of retail will look like,” said Jared Stein, co-founder of Monogram Capital and Foxtrot Board member. “As Foxtrot expands its omnichannel footprint, the potential for scale on a national level is limitless as the brand looks to reimagine what convenience means to today’s consumer.”