Neighborhood Goods, often referred to as the department store of the future, has raised $11 million in a Series A funding round and plans to open a third location in 2020 in Austin, Texas, bringing its total fundraising total to $25.5 million.
WHO: Co-founded by Matt Alexander and Mark Masinter in 2017, Neighborhood Goods is headquartered in Dallas, Texas, and is a new type of department store, featuring an ever-changing landscape of brands, products, and stories.
WHY: The Series A funding will allow the company to secure more real estate, build its staff, ramp up its supply chain with faster delivery options, and build out a back-end digital platform where all the retailer’s brand partners can check sales metrics in real time.
IN THEIR OWN WORDS: “We’re incredibly proud to have raised these funds primarily from our original group of investors from the beginning and are incredibly grateful for their belief and support,” Matt Alexander, Neighborhood Goods co-founder & CEO wrote in a blog on the company’s website.
“As we expand our network of brands, we’re so thrilled to have Neighborhood Goods as a core element of our portfolio for them to test, assess, explore and learn about the impact of physical retail as they grow,” said Global Founders Capital investor Don Stalter.
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