While some companies see the last few weeks of the year as an opportunity to dot the i's and cross the t's before starting fresh in January, Shoes of Prey is making the last bit of 2015 count. On Monday, the Los Angeles-based start-up that allows women to custom-design their own footwear announced that it had raised $15.5 million in funding to take its operations to the next level.
In a release, Shoes of Prey notes that it plans to use this funding to further develop its retail presence in the U.S., as well as to increase production capacity in the company's factory in the Dongguan province of China.
Greycroft (which previously invested in Trunk Club, The RealReal and Baublebar) and Nordstrom Inc. have come on board as equity partners. As the label's largest round of funding to date, this brings Shoes of Prey's total combined funding to $24.6 million; it raised $5.5 million in a Series A-2 round in 2014.
But aside from the influx of cash, what may be most lucrative to Shoes of Prey's next chapter, is its enhanced relationship with Nordstrom, which was first established in Nov. 2014. The department store launched six Shoes of Prey Design Studio shops in its stores a year ago and the brand is available on Nordstrom.com, which Shoes of Prey described as "an important new sales channel" for the company.
With Nordstrom's help, could additional product lines like handbags and smaller leather goods be on Shoes of Prey's horizon? The brand says such "further expansion" is in the works — but there's no word yet on when, exactly, we can expect these new products. We imagine that it's best to firm up what it does best — and that's shoes — before it makes the leap into other accessories.