Venture Capital News: HICKIES Grabs $4.2M
NEW YORK, NY, Start-up responsible for revolutionizing the footwear space with its elastic lacing system, has raised $4.2 million in funding.
HICKIES, the start-up responsible for revolutionizing the footwear space with its elastic lacing system, has raised $4.2 million in funding led by the venture arm of one of the largest global footwear brands and the Collaborative Fund. The new financing will be put towards the development, and launch, of new products and the expansion into new international markets.
HICKIES was founded in 2011. Since its launch the company has grown its operations to include a European subsidiary and has shipped 1 million packs of the HICKIES elastic lacing system to 14 different countries.
'This investment marks the beginning of a new chapter in the HICKIES story and it is amazing to reflect on how far we've come in such a short period of time. What started as an idea, grew into a Kickstarter project, is now a global trend. We look forward to building on this momentum by delivering new, simple yet bold, products that will delight our consumers.' Mariquel Waingarten, Founder & CMO of HICKIES
Peter Mahrer and Ralf Puschmann, two veterans of the sporting goods industry, have joined the company and are to head the European office. Mr. Mahrer serves as the Chief Business Development officer and Mr. Puschmann serves as General Manager for HICKIES Europe. Most recently Mahrer served as the European president of Under Armour and Puschmann as the Director of Sales Operation and Supply Chain International at Puma. Peter Mahrer has been appointed to the HICKIES Board of Directors.
Joanna Rees will also join the HICKIES Board of Directors. Miss Rees has served on the board of more than 25 venture-backed start up companies across a broad range of industries. She was a candidate for Mayor of San Francisco in November 2011. Miss Rees was the founder of VSP Capital, a San Francisco-based venture capital firm focused on early-stage companies combining technical innovation with market development. She also served on the Board of the National Venture Capital Association ('NVCA). In 2000 Miss Rees was selected as a Global Leader for Tomorrow (GLT) by The World Economic Forum and in 2002 as a Henry Crown Fellows by The Aspen Institute.
'Thanks to this strategic investment, and the addition of key team members, we are now well positioned to completely redefine the way people wear their shoes.' Gaston Frydlewski, Founder & CEO of HICKIES
HICKIES will leverage the expertise of its newest team members and partners to continue redefining the footwear and accessories space. New collections and products are forthcoming.
HICKIES is a Brooklyn-based lifestyle company. The company's first product, the HICKIES elastic lacing system, is made of a proprietary blend of elastic polymers which adapt to the shoe's size and contract with the movement of the foot. The product is one size fits all and turns any sneaker into a slip-on. Currently sold in 17 color combinations, the HICKIES elastic lacing system also allows users to customize their footwear.
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