Neighborhood Goods Gets More Funding and Plans to Open a Second Store

Neighborhood Goods has attracted a second round of venture capital funding and plans to use some of its new purse to open a store in New York later this year.The Dallas-based retail startup, which launched its retail business with a mission to do lots of things differently, opened a 14,000-square-foot store in Plano's Legacy West in November.An additional $8.8 million brings its seed money total to $14.5 million.Previous investor Global Founders Capital, a San Francisco-based venture capital firm with ties to Europe, led the latest effort with participation from prior lead investor Forerunner Ventures. Others in this round are NextGen Venture Partners, Revolution's Rise of the Rest Seed Fund, Group up Ventures, Capital Factory and Michael Dubin, CEO of Dollar Shave Club, who was also an original investor.Since announcing the creation of Neighborhood Goods last spring the company has been analyzed and written about as a promising concept for how online-only brands can find new customers in the physical world. Brands can rotate in and out with short leases in various size shops. There's a Prim & Proper restaurant in the middle of the store where customers can linger.All that attention, said CEO and co-founder Matt Alexander, was viewed by investors as "an opportunity to capitalize on that excitement and to accelerate our expansion plans for 2019 by driving additional seed funding."  Continue reading...

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