Rothy’s, a US-based women’s footwear brand backed by consumer products distributor Grace Beauty, has raised $35m from investment banking firm Goldman Sachs’ Investment Partners unit.
Founded in 2016, Rothy’s designs and distributes stylish shoes for women that utilise eco-friendly and vegan-friendly silhouettes made from recyclable materials such as plastic water bottles.
The company claims to have sold more than 1 million pairs of shoes so far this year, generating more than $140m in revenue in the process. It initially sold the footwear solely through its online platform but recently opened its first offline outlet in San Francisco.
Goldman Sachs’ capital will be used by Rothy’s to open more regional stores in 2019, and it is beginning an international expansion drive this month.
Rothy’s raised $2m in convertible debt financing from Grace Beauty’s corporate venturing unit, Grace Beauty Capital, as well as Finn Capital Partners and M13, before adding $5m from investors including Lightspeed Venture Partners in August 2017.
Stephen Hawthornthwaite, CEO and co-founder of Rothy’s, said: “We started Rothy’s to make shoes that would be loved for their style, practicality and comfort while pursuing our company’s mission of sustainability.
“We are thrilled to welcome Goldman Sachs Investment Partners as an investor. We look forward to the next phase of our journey in becoming a globally recognised brand.”
Photo of courtesy of Rothy’s.