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Shoebuy.com, Inc., a leading online retailer of footwear and accessories, today announced the completion of a $9 million Series B expansion financing by Apex Venture Partners and Tudor Ventures. In addition, Lon Chow, a partner at Apex Venture Partners and Carmen Scarpa, a partner at Tudor Ventures, have joined Shoebuy's board of directors. Innovation Advisors, a boutique investment bank, advised Shoebuy in the transaction.
"We are happy to complete this round of funding and are enthusiastic to work with Apex Venture Partners and Tudor Ventures," said [Scott Savitz], President and CEO of Shoebuy.com. "The investment validates our business model as we continue to partner with top manufacturers and aggressively increase revenues through offering a value proposition that makes it very difficult for the customer to say no." Shoebuy.com offers free shipping, no sales tax, a vast selection and free returns. Savitz continued, "We made significant progress in all operational areas over the past year, and along with this funding and the support of our new partners, we will aggressively pursue the tremendous market opportunity before us."
Shoebuy.com, Inc., a leading online retailer of footwear and accessories, today announced the completion of a $9 million Series B expansion financing by Apex Venture Partners and Tudor Ventures. In addition, Lon Chow, a partner at Apex Venture Partners and Carmen Scarpa, a partner at Tudor Ventures, have joined Shoebuy's board of directors. Innovation Advisors, a boutique investment bank, advised Shoebuy in the transaction.
Through their website, Shoebuy.com customers can search for shoes by style, brand, gender, size and price point. Shoebuy's site features over 200 leading brands and over $1 billion of accessible inventory. Shoebuy, which was profitable in 2003, has raised a total of $2.7 million to date.
"We are happy to complete this round of funding and are enthusiastic to work with Apex Venture Partners and Tudor Ventures," said Scott Savitz, President and CEO of Shoebuy.com. "The investment validates our business model as we continue to partner with top manufacturers and aggressively increase revenues through offering a value proposition that makes it very difficult for the customer to say no." Shoebuy.com offers free shipping, no sales tax, a vast selection and free returns. Savitz continued, "We made significant progress in all operational areas over the past year, and along with this funding and the support of our new partners, we will aggressively pursue the tremendous market opportunity before us."
"Shoebuy.com's solid management team, strong manufacturer relationships, and loyal customer base made this a compelling investment," said Lon Chow of Apex Venture Partners, who led the round. "We believe the breadth and depth of Shoebuy's product selections as well as its award-winning customer service will position the company as the preferred provider of footwear for anyone looking to make a purchase online."
"We were very enthused by Shoebuy.com's business," explained Carmen Scarpa of Tudor Ventures. "The company has leveraged its virtual, inventory-free business model into 100% average annual revenue growth while maintaining profitability."
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