Undandy, a Portugal-based custom-made shoe company, has closed its equity crowdfunding round on Crowdcube. The campaign was launched last month and raised nearly £1.1 million from more than 275 investors.
As previously reported, Undandy, which was founded in 2015, offers fully customizable, handcrafted shoes through its 3D online design platform. The company has more than 20,000 customers from over 130 countries who have designed and purchased 22,000 pairs of shoes. Undandy reported it aims to become the definitive customizable footwear brand. The company stated:
“Customisation is a growing trend and is frequently refered to as the new concept of luxury. Undandy is able to offer unique, customised shoes without the luxury price tag owing to its direct-to-customer, e-comerce platform.”
The company then noted it has experienced exponential growth since inception in 2015. Over 40% of our customers have become repeat customers already buying at least a second pair in under two years. Undandy has customers in over 130 countries. Undandy CEO and Co-Founder Rafic Daud, revealed during the funding round:
“With the brand equity we have grown in just three years, we hope that Undandy will not only become a very sustainable company, but we are also aiming to become a very profitable one to boot (excuse the shoe pun), Our limitation thus far has been production capability and capacity. During this time we have also been able to spot the areas we know we can improve substantially. By acquiring our current manufacturer, we’ll be able to shorten the crafting time of the shoes, and improve flexibility with launching new models, new leathers etc. This alone will enhance our business metrics.”
Funds from the Crowdcube round will be used to acquire Undandy’s current manufacturer, and to becoming fully vertical.
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