Female footwear manufacturer, Rothy’s, is in news again. If you’ve never heard of the company, just scroll through social media on any given day and you are bound to find advertisements of their footwear on various channels. The company that specializes in vibrantly colored flat footwear for women recently raised $7 million in funding.
One surprising element is that what used to be the main aim of the company to sell only through their website has changed, and today, Rothy’s is available across many retail platforms.
The company has gained popularity in a number of ways, and the credit goes to two individuals: Roth Martin and Stephen Hawthornthwaite. In spite of having different backgrounds, both men have been successful in developing this shoe company. The founders said the most critical element in their product is the fact that they are eco-friendly and made from recycled material.
The founders are excited to take the company to the next level, and silently raised $5 million earlier this year in April. The funding was led by Lightspeed Venture Partners. This added to their initial fundraising of $2 million in the form of convertible notes from investors Finn Capital Partners, M13, and Grace Beauty Capital.
Earlier this month, the company submitted Form D due to raising $5.09 million in equity financing. Form D is a highly confidential document which startups don’t typically disclose because it consists of amounts raised or that are planned to be raised in a series of funding rounds. It also describes the purpose behind the fundraising and how a company plans to raise the funds. The company filed the document on August 4, 2017, and sources indicate that the reason for the funding was to include $2 million value of cancelled promissory notes. The filing was done by Stephen Hawthornthwaite.
The filing could be a great boost to the company and the industry sector because potential customers will always have a feeling of security when they see a company that has its finances in order. Further, this will attract other investors like venture capital firms and angel investors. Extensive PR activity will attract lending or leasing firms which will be a major boost to the business.