Foxtrot Market has landed $42 million in a Series B growth investment through a round headed up by Monogram Capital Partners and Almanac Insights. A number of additional investors took part in the company’s Series B round, according to a Monday (Feb. 22) announcement.
“With this new round of funding and an incredibly strong executive team now fully in place, we see 2021 as a year of tremendous growth for Foxtrot,” CEO and Co-founder Mike LaVitola said in the announcement. “We have built a business that marries the local approach of a corner store with the convenience of eCommerce.”
With the investment, Foxtrot anticipates doubling its store count by the conclusion of this year. The expansion will include the addition of up to nine locations in Dallas and Chicago, as well as growth into new markets such as Washington, D.C. Moreover, the company will tap financial resources to grow its collection of private-label merchandise and gift products, as well as continue its investment into countrywide shipping.
The company, which launched in 2014, brings together a high-end corner store and café with app-based commerce that makes its complete inventory available for delivery in less than 60 minutes. “Foxtrot has mastered giving its customers a seamless and convenient shopping experience, using innovation to meet guests where they are, when they want,” Almanac Founder David Barber said in the announcement.
In separate retail investment news, meal service firm Tovala recently announced that it has finished a $30 million funding round. Tovala combines meal kit subscriptions with a “countertop smart oven that scans, steams, bakes and broils its chef-crafted meals,” according to a past announcement. The company said that the Series C funding round was headed up by Left Lane Capital.