BucketFeet raises an impressive 7.5 million dollars

While they may bolster a less than attractive brand name, BucketFeet is boasting a more than attractive investment figure for their start-up company. With 7.5 million dollars in the bank raised through Series A (the name given to a company's first round of significant venture capital investment), they are guaranteed to be one of the most successful fashion start-up companies this year. With the 7.5 million dollars recently raised, BucketFeet’s backing now stands at a nice and perky 13.3 million dollars.

To provide some background of BucketFeet, they were founded by Raaja Nemani, a former associate in the finance sector, and Aaron Fierstein, an artist and photographer. Nemani was on a trip through Argentina when he was given a pair of spray-painted converse by Fierstein that he fell in love with. Everywhere he went people would ask him where he got his shoes, which is how he realized there was a real market for these things. The two eventually got together in Chicago and founded BucketFeet.

What helps set BucketFeet apart from so many other shoe retailers? The concept for how they operate is very 21st century and very e-commerce. Artists from all over the world can apply to be BucketFeet artists, but only a select few are chosen. Over 12,000 artists have applied to be BucketFeet artists, and with good reason too. “Highlighting artists’ stories and experiences is absolutely paramount to us – because of this, we’re able to offer something that no other brand can provide,” Nemani was once quoted saying in an interview with Business Insider Australia.

Artists that have the privilege of being selected are given 250 dollars upfront, and then receive one dollar for every pair of their shoes sold. While one dollar might seem like a meager sum, there are artists who will make over 1250 dollars on their shoes, and even artists who have made up to 20,000 dollars off their shoes. The artists are given a real presence in the brick-and-mortar retail hemisphere, too. In addition to their e-commerce endeavors BucketFeet is also carried in top department stores such as Bloomingdale’s, Lord & Taylor, and Nordstrom.

The standard run for their shoes is about 1,000 pairs, and it is often that the brand will sell out of artists work. What help makes BucketFeet such a success is their social media presence. With all the talk of how social media has revolutionized shopping, the majority of what helps drive BucketFeet’s sales is the social media presence of the artists chosen. Collectively, all BucketFeet artists have a total of 24 million social media followers. Who better to try and get to buy your shoes than people who are already fans of your art?

The standard price for a BucketFeet shoe can run anywhere between 68 and 94 dollars. To date, approximately a lucky 200 artists have been selected to have their shoes distributed by BucketFeet, but the brand is always accepting submissions. The best piece of advice if you want your shoes to be sold by BucketFeet is to build up your social media presence, as that is a big deciding factor for them in what artists they choose to feature.

BucketFeet is not only making a name for themselves stateside though, the brand also has a huge following in Japan and Korea. They are easily poised to eventually become a global conglomerate as their following builds. Like any smart businesspeople, Nemani and Fierstein are using the recent influx of cash from investors to redesign their site, scale their inventory, open more brick-and-mortar stores, and grow their staff.

They have also decided that they won’t just be stopping at shoes either, the brand will now include socks to go with their artsy and stylish footwear. As of 2015, wholesale currently represents 10 percent of the business, while international sales contribute 50 percent, and direct contributes the remaining forty percent. With the influx of cash the duo hope to make their brand truly profitable.

It should be noted that the 7.5 million dollars they raised did not come from your average mom and pop investors looking for somewhere to invest their millions. Some of the investors included venture capital firm Jumpstart Ventures and Gordon Segal, the former CEO and founder of Crate and Barrel. With high profile investors of that nature backing you there is very little room for failure. With a brilliant businessman and brilliant artist side by side