Australia's Shoes of Prey looking to raise US$20 million

By IVCPOST Staff Reporter

Jul 23, 2013 01:16 AM EDT

Shoes of Prey announced that they are looking to raise up to US$20 million in funding. Shoes of Prey is an online retailer of custom design shoes. It was recently named as Kogan Australian Online Retailer of the Year.

Shoes of Prey has already fascinated big investors including Atlassian co-founder Mike Cannon-Brookes, Bill Tai of Charles River Ventures, and Silicon Valley investor Mike Arrington. Mike Arrington also co-founded CrushFund, a venture capital firm.

The start-up firm had already collected US$3 million from previous investors and is now hunting for an extra US$20 million in funding to be used in employing more staff in its office in Sydney and to enhance the firm's marketing efforts.

Jodie Fox, Shoes of Prey's director of fashion, said no less than 10 million pairs of shoes have been designed online. The unique shoe-making enterprise opened its first physical store in Australia earlier this year. Fox said the store had helped improve sales as well as brand recognition.

"Customers always ask what our shoes look like in real life - this is the best way to show them. We've been outstripping our [sales] targets since we opened our doors," Fox explained to media. 

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