M.Gemi, a Boston-based direct-to-consumer shoe brand, has raised $16 million in Series C funding. The company has raised a total of $47.2 million to date.
BurdaPrincipal Investments, the growth capital arm of German media company Hubert Burda Media, led the funding. The company’s previous investors Accel, General Catalyst Partners and Forerunner Ventures also contributed to the investment.
“M.Gemi is truly disrupting the luxury marketplace through its utilization of data science and uniquely competitive production network in Italy,” Christian Teichmann, BurdaPrincipal Investments’ managing director, said in a statement. “We are impressed by the brand’s combination of art and science and the expertise of the team at the helm.”
As CEO, Ben Fischman launched the shoe brand with its president Cheryl Kaplan and chief merchant Maria Gangemi, in 2015. The brand initially sold women’s shoes online, but has since expanded with a men’s shoes.
What makes M.Gemi stand out from its direct-to-consumer counterparts is that the brand uses data to predict and produce shoes its shoppers want and releases them at fast fashion speed. Every Monday customers can expect a stock drop.
And while the company works with specialty shoe factories in Italy to manufacture the shoes, it keeps its prices low, which has been a high attraction point for shoppers.
“After two years in the U.S. market, we know our consumer values uncompromised quality, weekly releases and ‘unbelievable’ prices,” Fischman said in a statement. “Burda’s unique experience across both consumer media and ecommerce gives us tremendous value as we grow domestically and globally.”
The new investment will be used to further develop the company’s predictive analytics capabilities, and expand its supply chain in Italy.