Total amount raised
$185.4 Millions
Latest funding date
2/1/2023
Location
Foxtrot has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company offers a mobile app that allows customers to shop a curated collection of drinks, food, and everyday essentials.
Keep reading to explore the intricacies of Foxtrot's fundraising journey and the investors backing this innovative platform.
What Is Foxtrot?
Foxtrot, founded on June 1, 2013, in Chicago, Illinois, is a mobile app that allows customers to shop a curated collection of drinks, food, and everyday essentials. The company was founded by Michael LaVitola, Taylor Bloom, and Brian Jaffee.
Foxtrot has grown significantly since its inception and now employs between 501 and 1000 people. The platform offers a unique shopping experience with the convenience of delivery in under an hour.
For more detailed information, you can visit their Crunchbase profile.
How Much Funding Has Foxtrot Raised?
- Seed Round
- Amount Raised: $50K
- Date: June 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to launch the mobile app and start operations.
- Seed Round
- Amount Raised: $600K
- Date: July 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the product offerings and improve the app's functionality.
- Seed Round
- Amount Raised: $1.1M
- Date: November 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the opening of the first brick-and-mortar store.
- Series A
- Amount Raised: $6M
- Date: March 2018
- Lead Investors: Fifth Wall
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the number of physical stores and enhance delivery services.
- Series A
- Amount Raised: $17M
- Date: February 2020
- Lead Investors: Imaginary Ventures, Wittington Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market presence.
- Series B
- Amount Raised: $42M
- Date: February 2021
- Lead Investors: Almanac Insights, Monogram Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new markets.
- Series C
- Amount Raised: $100M
- Date: January 2022
- Lead Investors: D1 Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To bulk up on white-label products and fund physical expansion.
- Debt Financing
- Amount Raised: $18.6M
- Date: February 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund new store openings and continue the company's expansion.
Foxtrot has raised a total of $185.4M. The current valuation is not publicly disclosed.
Key Investors
- D1 Capital Partners
- Details: D1 Capital Partners is a global investment firm that deploys capital in both public and private markets. Founded by Daniel Sundheim, the firm focuses on long-term investments.
- Investment Focus Areas: Technology, healthcare, consumer.
- Notable Investments: SpaceX, Stripe, Instacart.
- Almanac Insights
- Details: Almanac Insights is a venture capital firm that invests in early-stage companies. The firm was founded by David Barber and focuses on sustainable and innovative food systems.
- Investment Focus Areas: Food, agriculture, sustainability.
- Notable Investments: Sweetgreen, Blue Apron, BrightFarms.
- Monogram Capital Partners
- Details: Monogram Capital Partners is a private equity firm that specializes in consumer and retail investments. The firm aims to partner with high-growth companies.
- Investment Focus Areas: Consumer, retail, food and beverage.
- Notable Investments: Oatly, Chewy, Country Archer.
- Imaginary Ventures
- Details: Imaginary Ventures is a venture capital firm co-founded by Natalie Massenet and Nick Brown. The firm focuses on early-stage investments in the consumer sector.
- Investment Focus Areas: Fashion, beauty, lifestyle.
- Notable Investments: Glossier, Everlane, SKIMS.
- Fifth Wall
- Details: Fifth Wall is a venture capital firm that invests in real estate technology. The firm was founded by Brendan Wallace and Brad Greiwe.
- Investment Focus Areas: Real estate, technology, sustainability.
- Notable Investments: Opendoor, Lime, Industrious.
What's Next for Foxtrot?
Foxtrot's future looks promising as it plans to expand its footprint significantly. With the recent $18.6 million debt financing, the company aims to increase its store count to nearly 100 locations by the end of 2024. This expansion into new neighborhoods and cities presents a substantial opportunity for growth, especially as the demand for upscale convenience stores continues to rise.
To support this aggressive expansion, Foxtrot may seek additional rounds of debt or equity financing. The company's ability to attract new investors will be crucial as it scales operations and enters new markets. However, challenges such as construction delays and economic downturns could impact these plans. Competition from other upscale convenience stores and online retailers also poses a significant hurdle.
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