Despite the pandemic-related boom in online shopping, e-commerce brands still see value in meeting shoppers in person. And a Chicago startup that helps those brands quickly spin up retail shops just landed more funding as it expands to new cities.
Leap, a startup that helps e-commerce brands launch physical retail stores, has landed $50 million in Series B funding.
The round was led by BAM Elevate, with additional backing from Harbor Spring Capital, Northern Trust, Simon, Costanoa Ventures, Hyde Park Venture Partners and Equal Ventures.
Leap, founded in 2018 by Jared Golden and Amish Tolia, takes care of everything for a brand, from procuring and signing leases, designing and staffing locations, to setting up point-of-sale systems.
Leap says it can help brands open stores for less money by opening stores in "clusters," which lowers the cost through its lease terms and shared labor.
Leap currently works with more than 30 brands across 50 stores in eight cities. It works with brands like Faherty, Something Navy, ThirdLove and Mack Weldon, with nine such retail stores in Chicago. It primarily works with brands across apparel and footwear, accessories, jewelry, intimates and home goods.
Leap raised a $3 million seed round when it launched in 2018.
January has been a hot startup funding month in Chicago. Leap's $50 million follows other large rounds from Foxtrot, Zero Hash, project44 and BigTime Software.
