Black platform sandal company raises $3M in Series B funding
Black platform footwear company Sandals has raised $3 million in Series A funding from investors including Founders Fund, Fidelity, The Founders Fund and Zebra Ventures.
The company is targeting an initial public offering (IPO) in 2018, with a goal of raising $10 million to expand to $20 million in annual revenue.
“We are incredibly excited to partner with Founders Fund for the Series A round, and we look forward to building on our momentum in 2017,” Sandals CEO, Jason Poon, said in a statement.
“The opportunity to raise capital and scale is truly one that has not been seen in the footwear industry.”
The Sandals founders are also working on a shoe with Nike.
Sandals is owned by New Balance and is a part of the footwear group, with brands like Adidas, Converse and Nike being its main sources of revenue.
Poon added that Sandals was also looking to launch a new line of footwear.
“Sandals is not only focused on creating great footwear but also has been innovating with the new generation of technologies that are emerging to make them even better,” Poon said.
“I’m excited to see what the future holds.”
Sandals previously raised $1.4 million in funding, and the company has been working on its next shoe in collaboration with Nike for some time.
The Sandales footwear has a range of colors, including black and grey, and is available in both casual and sport styles.
Sandales also offers a range tote bags, as well as a series of men’s and women’s sneakers.
For more, check out Vice News’ story about Sandals’ Series A rounds.