Neighborhood Goods, a US-based department store operator backed by talent agency CAA, has received $11m in series A funding, led by venture capital firm Global Founders Capital (GFC).
The round included Forerunner Ventures, NextGen Venture Partners, Capital Factory and Allen Exploration and Serena Ventures: investment offices for the Allen family and tennis professional Serena Williams respectively.
Founded in 2017, Neighborhood Goods runs a department store in the Texan city of Plano presented with an aesthetically crisp, modern interior that is stocked with premium goods supplied by its partner brands which are also marketed through its e-commerce platform.
The company plans to open a second location in New York City in the coming weels and a third location in Austin, Texas in early 2020.
CAA’s corporate venturing arm, CAA Ventures, reportedly backed Neighborhood Goods’ $5.8m first seed round in May 2018. Forerunner Ventures led the round, which also featured NextGen Venture Partners, Revolution’s Rise of the Rest Seed Fund, company founder Michael Dubin and angel investor Alan Shor.
GFC led an $8.8m round for the company in February 2019, investing with Forerunner Ventures, Capital Factory, Maveron, NextGen, Rise of the Rest, Dubin and undisclosed other participants.
– Image courtesy of Neighborhood Goods