'A new type of department store': Neighborhood Goods raises $11 million, plots more locations
Neighborhood Goods only has one shop today in Plano, Texas, which opened late last year. It will open a second in New York, in the Meatpacking District neighborhood, before this year is over. And it announced on Wednesday a third location coming to South Congress Avenue in Austin, Texas, in 2020.
Neighborhood Goods also announced on Wednesday that it has raised $11 million in a Series A round, bringing its total funding to $22.5 million. That money will help the company secure more real estate, build its staff, ramp up its supply chain with faster delivery options and build out a back-end digital platform for all of its brand partners, where they can check sales metrics in real time, among other things.
Some names in the Plano space, which is about 10,000 square feet, include razor company Dollar Shave Club, watchmaker, men's clothing brand Buck Mason and women's shoe company Rothy's. There's also a restaurant there, called Prim and Proper, serving burgers and weekend brunch. And Neighborhood Goods holds other weekly events like workout classes, gardening workshops and taste testings.
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