Today's News |
SHOES.COM Completes $45 Million Financing - Gearing up for Fall IPO
Tuesday, May 26, 2015
Roger Hardy, CEO of SHOES.COM (Roger was also Founder and past CEO of Coastal Contacts Inc.)
Vancouver, BC, May 26, 2015--(T-Net)--SHOES.COM,
parent company of SHOEme.ca and OnlineShoes.com, and the world's fastest growing private online footwear and apparel destination, today announced the closing of a non-brokered private placement of common shares. |
The company raised net proceeds of approximately $45 million, principally from existing shareholders, at a post-money valuation of $320 million with all stock issued being common shares. The offering was significantly oversubscribed.
The company owns and operates SHOES.COM, OnlineShoes.com and SHOEme.ca and is headquartered in Vancouver, Canada.
"It's been an exciting nine months for the team at SHOES.COM, We are thrilled to see so many of our existing shareholders invest in this follow on round given our recent successes," said Roger Hardy, CEO of SHOES.COM. "We have been great stewards of capital in the past generating explosive returns for shareholders, and the overwhelming level of interest in this financing reaffirms investor confidence in this exciting growth project and world class team. We are now fully funded to execute our growth strategy over the coming quarters as we build the World's leading omni-channel footwear and apparel destination."
The company's most recent quarter displayed impressive growth of more than 80 percent year over year. The company is well positioned to meet its 2015 gross revenue target of over $300 million.
Reuters also reported yesterday that Chairman Roger Hardy has indicated that Shoes.com plans to go public this fall following their latest private funding round.
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Editor's Note: Roger Hardy was previously Founder and past CEO of Coastal Contacts Inc., and also is the founder of Hardy Capital Partners.
Hardy Capital Partners is a Canadian merchant bank established to foster the growth of young businesses that have the potential to achieve market leading positions, and they currently manage over $100 million.
They currently hold portfolio positions in other well known BC tech companies including Mogo, BuildDirect and Payfirma.
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About SHOES.COM
SHOES.COM directly connects customers all over the world with premium clothing, accessory and footwear brands. With more than 250 employees across North America, the expertise of its in-house comfort and authentic wear specialists, and a huge combined online presence, SHOES.COM is the world's fastest growing private online footwear and apparel destination with over 500 brands and 8 million customers across the US and Canada.
The company owns and operates SHOES.COM, OnlineShoes.com and SHOEme.ca and is headquartered in Vancouver, Canada.