Total amount raised
$185.4 Million
Latest funding date
2/1/2023
Location
Foxtrot has successfully raised funds through multiple rounds, with its last funding type being Debt Financing, closed on February 27, 2023. The company has attracted notable investors, including Monogram Capital Partners and Revolution’s Rise of the Rest Seed Fund, among others.
What Is Foxtrot?
Foxtrot, founded on June 1, 2013, in Chicago, Illinois, operates in the consumer goods, delivery, e-commerce, and shopping industries. The company was co-founded by Michael LaVitola, Taylor Bloom, and Brian Jaffee.
Foxtrot closed all of its stores in April 2024, and parent company Outfox Hospitality filed for Chapter 7 bankruptcy in May 2024. Further Point Enterprises bought the assets of 15 locations and relaunched the brand with co-founder Mike LaVitola.
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: To kickstart the business and develop the initial product offering.
- 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 line and enhance the mobile app.
- 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 open the first physical store and increase market presence.
- Series A
- Amount Raised: $6M
- Date: March 2018
- Lead Investors: Fifth Wall
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and open additional stores.
- 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 expand into new markets and enhance delivery infrastructure.
- 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 support rapid growth and develop white-label products.
- Series C
- Amount Raised: $100M
- Date: January 2022
- Lead Investors: D1 Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund physical expansion and increase product offerings.
- 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 support continued expansion.
Total Amount Raised: $185.35M. Current Valuation: Not publicly disclosed.
Key Investors
- Monogram Capital Partners
- Details: Monogram Capital Partners is a private equity firm that focuses on investing in consumer and retail companies. They aim to partner with founders and management teams to build enduring businesses.
- Investment Focus Areas: Consumer, Retail, Food & Beverage
- Notable Investments: Foxtrot, Country Archer, Chewy
- Revolution’s Rise of the Rest Seed Fund
- Details: Revolution’s Rise of the Rest Seed Fund is a venture capital fund that invests in startups located outside of major tech hubs. The fund is part of Revolution, a firm founded by Steve Case.
- Investment Focus Areas: Technology, Healthcare, Consumer
- Notable Investments: Foxtrot, AppHarvest, BacklotCars
- D1 Capital Partners
- Details: D1 Capital Partners is a global investment firm that deploys capital in both public and private markets. The firm was founded by Daniel Sundheim.
- Investment Focus Areas: Technology, Healthcare, Consumer
- Notable Investments: Foxtrot, Stripe, SpaceX
- Almanac Insights
- Details: Almanac Insights is a venture capital firm that focuses on early-stage investments in the food and beverage industry. The firm was founded by David Barber.
- Investment Focus Areas: Food & Beverage, Agriculture, Sustainability
- Notable Investments: Foxtrot, Sweetgreen, BrightFarms
- Imaginary Ventures
- Details: Imaginary Ventures is a venture capital firm that invests in early-stage companies at the intersection of retail and technology. The firm was co-founded by Natalie Massenet and Nick Brown.
- Investment Focus Areas: Retail, Technology, Consumer
- Notable Investments: Foxtrot, Glossier, Everlane
What's Next for Foxtrot?
Foxtrot did not reach 100 locations; it closed all of its stores in April 2024 and reopened five Chicago stores from September 2024 under new ownership. The upscale convenience store market continues to thrive.
Foxtrot's investors cannot back further rounds: the company they funded was liquidated and its assets were sold in a foreclosure sale. However, the company must navigate challenges such as construction delays and market downturns that could impact its financial stability and growth trajectory.
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