New York men's shoe retailer GreatsBrand scores $1.5M in seed funding
GreatsBrand, a Brooklyn-based startup that sells affordable shoes for men, has raised $1.5 million in a seed round with Resolute Ventures as the lead backer. Other investors in the round include High Peaks Venture Partners, Adrian Wilson of the New England Patriots, and Mark Gerson from the Gerson Lehrman Group, according to TechCrunch.
Co-founder Ryan Babenzien explained why they are only selling men's shoes: "I'm not saying we'll never introduce women's shoes, but right now we're focused on building out the best menswear brand we can. I know I'm turning away revenue, but building a brand is more important than building out the company. Once we have a solid brand, we can scale in a healthy way."
Established in August 2013 by Babenzien and Jon Buscemi, GreatsBrand is able to sell shoes a price as low as $59 by eliminating the middle man in product marketing. Since its launching, the startup has sold all of the models they have carried. For now, the firm needs fresh capital to restock its inventory and expand its workforce. It will also give marketing a little shot, the report explained.
According to Babenzien, Greats is already pulling international demand. However, the startup still has no plans to ship orders internationally in the near future, TechCrunch reported.