Hot off an $11 million Series A funding round, Dallas-based Neighborhood Goods is making more news as it announced that it would be opening its third location in Austin.
Neighborhood Goods is a department store concept, that offers shoppers a rotating selection of products, in addition to eating and dining space. The company opened its first store in the Legacy West development in Northwest Plano. Later this year the company will open its second location in New York City, and a third Austin location is expected after.
The Austin Neighborhood Goods will feature about 10,000 square-feet of retail space in the South Congress area of the city.
“We still have so much to learn and so much to improve, but, at its core, our retail experiment has been gathering a lot of momentum,” said cofounder and CEO Matt Alexander in a blog post. “Rather than attempting to lure brands into locations purely based on their city name value, we’re focused on what a location might be able to offer a brand (and the consumers on the other end of the conversation) that might foster a more special, localized chemistry in each of our locations.”
In addition to opening new locations, the company also said it plans to launch 16 new brands in its Plano location. Currently Plano’s Neighborhood Goods has 42 brands. The space will also be getting some rearranging, as the company works on the best fit with each brand and display.
Alexander also hinted at more funds potentially being announced in the future. The most recent funding round was led Global Founders Capital, with help from Forerunner Ventures, Serena Ventures, Capital Factory, NextGen Venture Partners and Allen Exploration.
“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,” Alexander wrote. “It’s also worth noting that the $11 million figure will expand over the coming weeks.”
Neighborhood Goods currently has about 40 employees (20 at its Dallas headquarters and 20 in its Plano retail location). The company was founded in 2017. According to Crunchbase.com, the company has raised about $25.6 million in total.
