Urban convenience-store retailer Choice Market has received a round of funding led by Denver Angels, Kimco Realty, Jogan Health and other private investors. To date, the company has raised nearly $10 million across multiple rounds. This investment will support Choice Market as the company expands its network of small-format markets, including its artificial intelligence (AI)-powered, fully autonomous Mini-Mart format.
Choice Market is a Denver-based omnichannel retailer creating a technology-centric network of convenient, small-format markets and last-mile fulfillment centers offering curated, local products. With five locations and multiple formats, it provides customers with groceries as well as scratch-prepared fresh meals.
Choice Market launched its first fully cashierless Mini-Mart at The University of Colorado Anschutz Medical Campus in October 2022. The retailer plans to rapidly scale this format nationally through strategic partnerships with hospitals, apartment developers, venues, airports, electric-vehicle (EV) charging stations and college campuses.
“The Choice Market team is proud of our rapid growth this past year powered by our commitment to provide fresh and healthy food to the Colorado community and beyond,” said Mike Fogarty, Choice Market’s founder and CEO. “We are thrilled to expand our innovative grocery model and reach even more consumers with high-quality groceries and fresh meals in a convenient manner.”
David Prichard CEO of Denver Angels, an investment group of more than 600 members, said, “The Mini-Mart concept is particularly scaleable and ripe with innovation. When we started looking at Choice Market, we realized we were uniquely equipped to provide value with several Denver Angels members having significant expertise and infrastructure in the industries that Choice Market touches.”
Dan Dietrich, CEO of Jogan Health, added, “Choice’s commitment to providing shoppers with locally sourced groceries and fresh meals is a mission that is perfectly aligned with Jogan. Our investment in Choice Market is undeniable proof that Jogan, once a staffing-centric company, is now looking to improve the wellness of the community at large.”
Jogan Health, Englewood, Colorado, helps communities in need during healthcare staffing shortages.
Jericho, New York-based Kimco Realty is a real estate investment trust (REIT), a publicly traded owner and operator of open-air, grocery-anchored shopping centers with a portfolio of mixed-use assets. The company’s portfolio is concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week.
Choice Markets also has announced four new hires who bring significant leadership experience with roles in grocery and food and beverage: Amanda Dentici as chief operating officer, Merlin Verrier as senior director of culinary operations, Dennis Apreza as senior director of retail operations and Peter Haslam as controller.
“Amanda, Merlin, Dennis and Peter are all remarkable leaders who have been responsible for the success of leading operators such as Fairway Markets, Walgreens, The Kitchen Restaurant Group and Graham Elliot’s Michelin star rated restaurant. Their deep experience in all aspects of food and beverage and passion for innovation will help take this company to the next level,” Fogarty said.
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