FOXTROT RAISES $100 MILLION SERIES C TO ACCELERATE NATIONAL RETAIL EXPANSION OF ITS DIGITAL-FIRST, OMNICHANNEL CORNER STORE
With a New Influx of Capital Led by D1 Capital Partners, The Convenience Store of the Future Will Open 50 New Retail Locations in 2 Years
Foxtrot, the modern convenience store marrying in store curated discovery with rapid 30-minute delivery and 5-minute pickup convenience, today announced $100 million in Series C funding led by D1 Capital Partners with continued participation from existing investors Monogram, Imaginary, Almanac, Wittington, Fifth Wall and Beliade and joining historical investors Lerer Hippeau and Revolution. The Series C brings total funding to $160 million.
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Founded by Mike LaVitola and Taylor Bloom in 2014, Foxtrot was created to modernize the nostalgic corner store experience by creating a digital-first ecommerce platform paired with a beautiful retail experience that fulfills daily needs with the most delicious local purveyors alongside new, trending brands from around the world.
Since launching first as a digital-only delivery service, Foxtrot has since opened 16 brick and mortar locations across Chicago, Dallas and DC, each offering rapid, on-demand delivery and 5-minute pickup, introduced a national shipping platform, called Foxtrot Anywhere, and pioneered industry-leading technology to support its one-of-a-kind omnichannel operating model.
Leveraging the brand’s customer loyalty and regional cult followings, Foxtrot will use this fresh influx of capital to open 25 new stores in 2022, which will include entrance in Boston’s Back Bay neighborhood and the brand’s debut in Austin with two stores, on South First and The Drag, plus notable openings in Chicago’s iconic Willis Tower, Tribune Tower and near Wrigley Field. In 2023 and beyond, Foxtrot will continue expansion to additional markets such as New York, Nashville and Miami, while simultaneously also expanding its presence in current regions.
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Foxtrot will also focus on scaling its proven merchandising model, which melds the best of local artisans with core pantry essentials, favorite treats and hand-picked wines, spirits and local beers. Driven by customer demand, Foxtrot is also investing in a deeper private label assortment around meal-times, doubling down on its core offerings of coffee, ready-to-eat cafe meals and wine, all optimized for both delivery and pickup.
To power its internally developed omnichannel operating system, Foxtrot will prioritize hiring engineering talent, with a plan to triple the team’s size over the next 12 months, bringing on dedicated hires to optimize logistics, store payments, inventory management, personalization and Perks, Foxtrot’s loyalty program.
“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 CEO 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.”
