Footwear retail chain Foot Locker provided $100m of funding for US-based footwear and streetwear marketplace Goat Group yesterday in conjunction with a strategic partnership.
Founded in 2015 and also known as 1661, Goat Group sells sneakers through retail stores, websites and mobile apps, through the Goat and Flight Club brands, and also provides trainer cleaning and restoration services.
Scott Martin, senior vice-president of strategy and store development for Foot Locker, will join Goat Group’s board of directors. Goat increased its total funding to approximately $198m with the deal, which came after it had raised $60m in a February 2018 round led by venture capital firm Index Ventures.
Private equity firm Matrix Partners, early-stage investment fund Webb Investment Network and VC firms Upfront Ventures and Accel also took part in the 2018 round.
The four had previously provided $25m of funding for the company in early 2017, with Webb, Upfront and Matrix all participating as existing backers.
Foot Locker chairman and CEO Richard Johnson said: “We are excited to leverage Goat Group’s technology to further innovate the sneaker buying experience and utilise their best-in-class online marketplace to help meet the ever-growing global demand for the latest product.
“Together, Foot Locker and Goat Group’s shared commitment to trust and authenticity in the sneaker industry will provide consumers with unparalleled experiences and diversified offerings.”
The deal comes at a time when Foot Locker has ramped up its activities in corporate venturing. It has supplied $3m in seed capital for children’s footwear brand Super Heroic, provided $2m for footwear design school Pensole and invested $15m in women’s activewear brand Carbon38 in the form of series A funding so far this year.