Foxtrot Market Completes $42 Million Series B Financing

Foxtrot Market , a Chicago-based chain focused on deliveries within 60 minutes or less , announced Monday that it has closed a $42 million Series B funding round led by David Barber’s Almanac Insights and Monogram Capital Partners.

With this investment, Foxtrot, which currently has eight stores in Chicago and Dallas, expects to add up to nine stores in those cities by the end of 2021 and expand into new markets, including Washington, D.C. Funds will also be used to expand Foxtrot’s store line of private-label packaged goods and gift products, and continue to invest in national shipping, which launched in January.

The company also plans to develop an e-commerce business to ship items to customers nationwide , which it launched in January and is currently limited to select gift packages .

"With this new round of funding, and a strong management team now fully in place, we believe 2021 will be a huge year of growth for Foxtrot," said CEO and co-founder Mike LaVitola.

“We’ve built a business that combines the local presence of convenience stores with the convenience of e-commerce , and we know how our stores work best and in which markets, which is what we’ll continue to focus on next. We also look forward to showing our customers coast to coast what Foxtrot is all about as we continue to expand our shipping efforts across the country.”

Founded in Chicago in 2014, Foxtrot combines an upscale corner store and cafe with app-based purchasing that delivers its entire inventory in less than an hour. Foxtrot splits revenue evenly between online sales and in-store purchases.

The brand’s delivery model has been at the core of its customer service strategy since its inception, giving Foxtrot a unique advantage during the pandemic . In 2020, solid year-over-year growth across all channels drove the company’s sales growth by more than 100%. Of this growth, 55% of revenue came from retail, primarily from same-store sales, while more than 200% of revenue came from e-commerce , driven by a 100% increase in app downloads, according to the company.

In addition to grocery, Foxtrot stores offer a full-service café , a sommelier-curated wine shop and unique gift packages for every occasion, both through on-demand delivery and in-store with technology support.

Currently, Foxtrot’s Ship Shop also offers a curated selection of gift packs, and will continue to add products as its nationwide shipping capabilities expand.

Other investors in Foxtrot's Series B round include Imaginary Ventures , Wittington Ventures , Fifth Wall , Lerer Hippeau , Revolution's Rise of Rest Seed Fund , M3 Ventures , the University of Chicago , and others.

Foxtrot Market

Financing

Chicago