Foxtrot, a US-based e-commerce and convenience store, closed a $6m series A round on Thursday with investors including University of Chicago, which supplied $450,000 through its UChicago Startup Investment Program.
Venture capital firm Fifth Wall led the round, which also featured Lerer Hippeau, Rise of the Rest Seed Fund, Collaborative VC, BoxGroup, Maveron and M3 Ventures.
Founded in 2013, Foxtrot operates an e-commerce and brick-and-mortar convenience store chain through which customers can order products, choosing from a range of locally-sourced goods such as beer, snacks and gifts. Foxtrot delivers items within 60 minutes.
The company has partnered four Chicago-based businesses to open stores with amenities such as market goods, gourmet ice cream and alcohol from nearby distilleries.
Michael LaVitola, chief executive and founder of Foxtrot, came up with the idea while completing an MBA at Chicago’s Booth School of Business.
The cash will go towards growing Foxtrot’s headcount. Foxtrot hopes to open additional outlets in Chicago later this year and has plans to expand across the US in early 2019.
Foxtrot previously disclosed approximately $2.3m in funding, according to securities filings. The company received $1.2m in seed funding from unnamed investors in June 2017, including the conversion of $230,000 in debt, after raising $1.1m the previous year.
LaVitola said: “Over the past few years we have been able to take the curated, on-demand Foxtrot experience and truly tailor it to our neighbourhoods and customers here in Chicago, and are eager to do the same for communities across the country.”
The UChicago Startup Investment Program is a $25m initiative designed to lure co-investments into Chicago-linked spinouts and startups.
