Delivery-focused convenience store Foxtrot 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. The round brings Foxtrot’s total funding to $160 million and will help the retailer triple the team’s size and open 25 new stores over the next 12 months.
Foxtrot stores feature a curated selection of both local and national items, with nearly one-quarter of all shelf space dedicated to locally sourced items from neighborhood artisans and emerging purveyors. The retailer also is expanding its selection of private label goods, with 200 new SKUs set to launch over the next year.
The company offers 30-minute delivery and 5-minute pickup at all 16 current brick-and-mortar locations, which are located in the Chicago, Dallas and Washington, D.C. markets. The retailer plans to open two stores in Austin, Texas this year, and also will enter the New York, Nashville and Miami markets in 2023 and beyond while continuing to expand in existing cities.
“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 in a statement. “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.”
Foxtrot’s hiring efforts will prioritize engineering talent, with a plan to bring in dedicated hires to optimize logistics, store payments, inventory management and personalization. The company also will look for hires who can further develop Perks, its loyalty program.