Footwear start-up Upper Street overfunds second Seedrs round
Luxury London shoe brand has raised almost £250,000 to take on UK's estimated £3bn shoe market
Custom shoe start-up Upper Street has secured almost £250,000 in its second successful round through online crowdfunding platform Seedrs.
The footwear company went over their initial target by 15%, giving up a 6.22% stake in the business.
Founded in 2012 by sisters Julia Elliot-Brown and Katy Chandler, Upper Street’s 3D online tool allows consumers to create their own shoe, choosing everything from material and style to colour and heel type. Shoes are available between sizes 1-10, and in four different width fittings, with deliveries taking around three to four weeks.
The latest funding comes after an earlier round in 2013, led by Venrex Partners with participation from the British Business Bank, which enabled the firm to rebuild their technology and open up a retail concept shop, the Shoe Lounge, in Fitzrovia.
Co-founder Elliot-Brown commented: “One of the biggest challenges for any growing business is making sure you’re well funded to capitalise on the market opportunity. The luxury footwear market in the UK alone is worth over £3bn.
“We could grow organically on our own, but that takes time, and our ambition is for Upper Street to be a globally successful fashion brand within five years. So we decided to take external investment to help us take the brand to the next level more rapidly.”