Foxtrot Market has raised $42 million in a series B investment round led by David Barber's Almanac Insights and Monogram Capital Partners. Other investors include David Chang, founder of Momofuku; Nicolas Jammet, cofounder and chief concept officer of Sweetgreen; and Walter Robb, former CEO of Whole Foods.
Foxtrot Market offers customers chef-driven packaged products, private label and exclusive goods, as well as wine and a full-service cafe. In addition, the company’s app-based purchasing makes its entire inventory available for delivery in under an hour.
With this investment, Foxtrot expects to double its store count by the end of 2021. This growth will include adding as many as nine stores in Chicago and Dallas it presently has a footprint, and expansion into new markets including Washington, D.C.
In addition, Foxtrot has made three new appointments to its executive team: Sumi Ghosh, COO; Scott Holloway, SVP, delivery; and Caroline Barry, VP, strategy.
"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," said CEO and co-founder Mike LaVitola, in a statement. "We have built a business that marries the local approach of a corner store with the convenience of ecommerce. We know how our stores operate best and in which markets, which is where we'll be going deep with our expansion efforts next. We also look forward to showcasing to customers coast-to-coast what Foxtrot is all about as we continue to rollout shipping nationwide."
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Image: Foxtrot Market