Online shoe retailer StyleTread has secured $12 million in funding to expand its online presence and explore new overseas markets and international opportunities.
Starfish Ventures joins existing investors Lakestar, Nine Entertainment Co. and Adinvest. The business is also enjoying increased investment from Nine Entertainment Co., and Starfish’s $12 million investment means the majority of StyleTread’s shareholders are now Australian.
“This latest round of funding allows us to considerably expand the range of already more than 60,000 shoes and in excess of 150 brands, as well as explore adjacent geographic markets and fashion segments,” StyleTread co-founder and chief happiness officer Mark Rowland said.
Inspired by US online shoe retailer Zappos, StyleTread was launched in November 2010 by Rowland and Bjorn Behrendt. The site now attracts over one million visitors a month and has 48,000 Facebook fans.
“StyleTread has had phenomenal success in the Australian online shoe market in the 15 months since its launch” Starfish Ventures investment director Nick Peace said.
This is largely a result of its excellent customer service, wide product offering and great team, Peace said.
“We are excited about its potential to become Australia’s leading online fashion destination,” he added.