Fresh funding, store for Shoes of Prey

shoesofpreyShoes of Prey has closed a US$5.5 million Series A round of funding.

It’s a big week for Shoes of Prey, with its first stand alone store to open on Saturday at Westfield Bondi Junction.

In addition to its custom shoe designing website, a shoes of Prey concession trades from David Jones’ Elizabth St Sydney store, with a concession in US department store, Nordstrom, opened last month – the first in the US and second globally.

The capital raising was led by San Fransico based-Khosla Ventures, with the money to be spent on scaling up the company’s on demand manufacturing facility as well as the US market.

The additional funding will also support the roll out of six branded concessions within Nordstrom stores in the US.

New investors in the online darling include are Andy Dunn, co-founder and CEO of fellow start up retailer, Bonobos; and David Spector and Heidi Zak, co-founders of ThirdLove.

Existing investors who also invested in this round include Blackbird Ventures; Mike Cannon Brookes, co-founder and co-CEO of Atlassian; and Bill Tai, Southern Cross Ventures Partners.

Shoes of Prey was launched in 2010 and broke even just after two months. It hit multi-million dollar revenue in under two years and has grown to 75 staff in six offices globally – Tokyo, China, Manila, New York, Seattle and Sydney.

This year alone Shoes of Prey has sold 50 per cent more shoes than the year prior, and to date women have designed 4 million shoes.

To support growing demand, the company vertically integrated in 2013, opening it’s first dedicated factory, and is now gearing up to open its second facility with five times the capacity of the first.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.