Foxtrot picks up $17 mn

Chicago-based Foxtrot, which is "redefining what a corner store and cafe can be," has raised $17 million in funding.

Chicago-based Foxtrot, which is “redefining what a corner store and cafe can be,” has raised $17 million in funding. Imaginary and Wittington Ventures led the round with participation from Fifth Wall, Lerer Hippeau, Revolution’s Rise of the Rest Seed Fund, M3 Ventures, The University of Chicago, Collaborative VC, Wasson Enterprise, Bluestein Associates and Barshop Ventures.

PRESS RELEASE

Chicago, IL – FEBRUARY 5, 2020 – Foxtrot, the company redefining what a corner store and cafe can be, today announced a $17MM growth funding round co-led by Imaginary and Wittington Ventures with participation from existing investors Fifth Wall, Lerer Hippeau, Revolution’s Rise of the Rest Seed Fund, M3 Ventures, The University of Chicago, Collaborative VC, and Wasson Enterprise, as well as new investors Bluestein Associates and Barshop Ventures.

Foxtrot has built one of the leading truly convenient stores for the modern world—a digitally native evolution of the corner store/cafe that marries the best of neighborhood retail and ecommerce technology, to offer a thoughtfully curated collection of daily essentials, coffee and prepared foods available in-store or delivered in under an hour.
This latest round of funding will allow Foxtrot to grow its corporate team and meet the demand for expansion, including the Spring 2020 launch of two Washington, D.C. locations (1267 Wisconsin Avenue in Georgetown and in Mount Vernon). Foxtrot is also slated to open its eighth location in Chicago (545 McClurg Court), to bring its total to 12 locations across three markets (Chicago, Dallas and Washington, D.C.), with additional markets being announced later in 2020.

Foxtrot has seen consistent company growth such as:
150% year-over-year growth
of its ecommerce customer base
250% year-over-year growth
of its corporate team headcount
2x year-over-year revenue growth

Loyalty Program (“perks”) customers shopping at Foxtrot 10x per month on avg, across both retail and ecommerce channels

Each Foxtrot retail locale features an array of hand-selected products (such as a premium selection of craft beer, wine, spirits, food, gifts and everyday essentials) that champion local and heritage brands alike, as well as Foxtrot-branded and private-label items, including coffee and prepared food that attributes to 50 percent of sales. Consumers can also order in-store products through the Foxtrot app and ecommerce site and select on-demand delivery.

“We started Foxtrot to create a better way to shop for the goods we all buy everyday – wrapped in a new kind of convenience store that combines the enjoyment of visiting your neighborhood corner store with the ease of shopping from your phone,” said Mike LaVitola, co-founder and CEO of Foxtrot. “Customers can visit us in store to grab a cup of coffee, have lunch and discover new brands, or shop us online to get their favorite wine and grocery staples delivered. Since opening our first location, our loyal customer base has grown to become a community. With this latest round of funding, we look forward to expanding even faster as we grow our team and add more local partners, open new locations, and continue developing our Foxtrot line of products.”

“Foxtrot has built a brand that redefines the perception of what convenience stores can and should be for today’s consumers by marrying its digital roots with brick-and-mortar, focusing on community, and bringing people into the stories around their product,” added Nick Brown, co-founder and managing partner at Imaginary. “Seeing the loyalty of their customers over the past few years and how they’ve grown with Foxtrot, it’s clear to us that Mike and his team have created a unique omnichannel experience that we’re eager to partner with and take to the next level.”

For more information, please visit foxtrotco.com or download in the App Store.

ABOUT FOXTROT
Foxtrot is redefining convenience for the modern consumer, marrying the best of neighborhood retail and ecommerce technology to create a community of discovery. Its spaces offer all the most loved aspects of neighborhood cafes, and you can turn to the Foxtrot app for 60 minute delivery of a city’s best goods from local beers and fine wines to chef prepared meals, curated gifts and everyday essentials. For more information, visit foxtrotco.com or download in the App Store.

ABOUT IMAGINARY

Imaginary Ventures is a venture capital fund founded by Dame Natalie Massenet and Nick Brown that invests in early-stage opportunities at the intersection of retail and technology in Europe and the US. Imaginary has a strong focus on innovations in retail and commerce with investments in Kosas, Everlane, SKIMS, Universal Standard, Daily Harvest, Dirty Lemon, Reformation, HUM Nutrition, Good American, Mejuri, CAMP, Necessaire, Farfetch, Glossier, and others. By way of background, Natalie is the founder of The Net-a-Porter Group of companies; Net-a-Porter, TheOutnet and Mr. Porter, which she grew as Executive Chairman to $1 Billion in GMV by 2015. Nick was previously a partner at 14W where he participated in or helped lead the initial financing rounds of Glossier, Everlane, Warby Parker, The Real Real and others.

ABOUT WITTINGTON VENTURES
Wittington Ventures is a venture capital firm based in Toronto that invests across North America in the commerce, healthcare and food sectors. The firm supports entrepreneurs and their start-ups through its strong affiliations with numerous iconic Canadian brands including Loblaw, George Weston Limited, Shoppers Drug Mart, Choice Properties and Selfridges Group. For more information, visit www.wittingtonventures.com.