Foxtrot Raises $100 Million to Fund Growth
Summary
Driven by customer demand, Foxtrot is also investing in a deeper private-label assortment around mealtimes, expanding on its core offerings of coffee, ready-to-eat cafe meals and wine, all optimized for both delivery and pickup. The company also said it will prioritize hiring engineering talent, with a plan to triple the team’s size over the next 12 months, bringing on people to optimize logistics, store payments, inventory management, personalization and Perks, Foxtrot’s loyalty program. “As we exit the pandemic and our lives continue to normalize following a challenging and eye-opening two years, we expect that retail and hospitality will become increasingly important in creating a sense of community and driving discovery in a world that’s been lacking this experience for quite some time,” said LaVitola, CEO. “With this new round of funding, we’ll continue to accelerate the expansion of our brick-and-mortar presence, enter new and emerging markets and double down on new store formats that answer consumer demand for immersive programming and highly curated assortment. While it will continue to curate new, trending food products, it will also allocate nearly a quarter of all shelf space to locally sourced items from neighborhood artisans and to emerging purveyors, it said.