Rothy’s just landed $35 million from Goldman Sachs to sell more of its popular ballet flats

TechCrunch | 12/18/2018 | Staff
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Rothy’s, a three-year-old, San Francisco-based company that makes a variety of colorful flats for women, has some more walking-around money today. According to Bloomberg, the company just closed on $35 million in funding from Goldman Sach’s asset management unit.

The round brings the young company’s total funding to $42 million, including an early $5 million investment from Lightspeed Venture Partners, and $2 million in convertible notes, including from Finn Capital Partners, M13 and Grace Beauty Capital.

Goldman - Interest - Company - Rothy - Pairs

Goldman’s interest in the company isn’t surprising. Rothy’s doesn’t disclose how many pairs of shoes it has sold, but the company tells Bloomberg that it expects to see slightly more than $140 million in revenue this year, and, as the outlet surmises from some back-of-the-napkin math, that equates to roughly 1.4 million pairs of shoes sold.

Judging by its enthusiastic consumer base — it has 161,000 Instagram followers, for example — many of those are likely women who own multiple pairs, too.

Shoes - Style - Part - Front - Fashion

What they love about the shoes, seemingly: their style, in large part. On this front, it helps that some fashion icons have gravitated toward the shoes, including actress-turned-Duchess of Sussex, Meghan Markle, who has been photographed in Rothy’s.

The company is also selling eco-conscious comfort by making the shoes out of recycled materials that include water bottles. Because of...
(Excerpt) Read more at: TechCrunch
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