The funding will be used to further develop the company’s presence in the United States, according to Australian Financial Review (AFR). The company partnered with Nordstrom in 2014 and has since opened six “design your own shoes” studio concepts in Nordstrom locations across the country.
In a statement to AFR, Shoes of Prey Co-Founder Jodie Fox, said, “Manufacturing on demand is a really big concept, and it can move into other products as well.” Fox further commented to AFR that the company will now start working on a potential IPO or exit by trade sale for early backers.
Last December, Shoes of Prey closed a $6.5 million funding round to pay for its initial U.S. expansion and to create brick-and-mortar stores with key contributions coming from Khosla Ventures. In this round, new backers included Blue Sky Venture Capital and Greycroft Partners.