Startup Raises $15M for Brick-and-Mortar Retail on Mag Mile
Despite several stores recently leaving the famed commercial district, there’s hope for Chicago’s Magnificent Mile. Leap, a startup helping e-commerce brands start physical stores, announced a $15 million capital raise this week, according to the Chicago Business Journal.
Leap’s fundraising was led by existing investors BAM Elevate and Costanoa Ventures, with participation from Equal Ventures, Hyde Park Ventures and others.
The company, which is co-headquartered in Chicago, also raised a $50 million Series B round last year. Since then, the startup has grown to over 50 brands that run more than 100 stores across 11 markets.
Collars & Co. is a fashion brand that opened its first retail store on Michigan Avenue after an analysis with Leap found a strong Chicago customer base. Justin Baer, the founder of Collars & Co., told Business Journal he knows it will be an “up and down ride” to start, but he’s bullish on Chicago long-term.
