UChicago Invests $500,000 in New Venture Challenge Alum Foxtrot as Part of $17 Million Round
As a part of a UChicago Startup Investment Program follow-on round, the University of Chicago has invested $500,000 in New Venture Challenge alum, Foxtrot.
The popular Chicago-based food and alcohol delivery service this week announced the close of a $17 million growth round, which included participation from both new and existing investors.
In 2016, the University set aside $25 million from its endowment to invest in startups raising early funding rounds. The Office of Investments, which manages the University’s endowment, oversees the UChicago Startup Investment Program with support from the Polsky Center for Entrepreneurship and Innovation.
FoxTrot also in March 2018 received $450,000 as part of the program in which the University, alongside established venture funds, co-invests in startups led by UChicago faculty, staff, students, and alumni.
Since the company was launched in 2013 by Michael LaVitola, MBA ’14, FoxTrot has opened several new storefront locations.
Like four other recipients of the UChicago Startup Investment Program, LaVitola grew Foxtrot through the Polsky Center’s Edward L. Kaplan, ’71, New Venture Challenge.