Funding Injection to Fuel Choice Market's Growth
DENVER — Omnichannel convenience store operator Choice Market procured growth financing to fuel the next phase of its expansion plans across the United States.
This round of financing is a portion of the overall capitalization and will fund the opening of additional locations and build out of the organization, as well as deployment of the retailer's proprietary digital customer experience across new channels and formats. Denver-based Choice Market currently operates three locations in the Mile High City.
In 2018, Choice Market entered into an agreement with venture capital firm M3 Ventures to support expansion, starting with the opening of its second storefront, as Convenience Store News previously reported.
"Our mission from day one was to make good food accessible and convenient. By partnering with M3, we are able to leverage their extensive knowledge, resources and network to help us scale our business," Mike Fogarty, founder and CEO of Choice Market, said at the time of the announcement. "We couldn’t be more excited to join the family of like-minded brands within the M3 portfolio."
The convenience retailer also recently added new board members, including Martin Dolfi, managing partner of M3 Ventures, and Jason Kastner, managing director of the National Advisory Group and previously the head of real estate for sweetgreen, a chain of 100-plus restaurants.
"We are pleased to have secured this new funding and the addition of these two talented individuals to our board of directors," said Fogarty. "Both Jason and Martin bring unique yet complimentary experience to the organization and will be critical stakeholders as we continue to scale Choice across the U.S."
Choice Market — whose mission is to make good food accessible and convenient for all — will be launching a new mobile app, e-commerce website, native delivery and loyalty program. As of Sept. 18, customers will be able to order any item from the retailer’s diverse selection for contactless pickup or for e-delivery, which leverages a fleet of electric vehicles and e-bikes.
With the launch of this new digital experience, customers can shop for groceries, prepared foods and alcohol by dietary lifestyle, local suppliers or recipe, and will receive personalized offers based on their shopping history.
Starting with its upcoming fourth location, Choice will offer a frictionless experience that customers can use their mobile app to pre-order prepared food, scan a QR code upon arrival, grab their groceries and leave without ever checking out.
Founded in 2017, Choice Market combines the operating hours, store size and transaction times of a traditional convenience store with the product selection of a natural grocery and fast casual restaurant.