Today, the company announced it has completed a round of Series B funding and raised $18 million in new investment, led by venture capital firm Accel. M.Gemi also continues to receive support from General Catalyst Partners, Forerunner Ventures and Breakaway Ventures, and in total has raised $32 million in investments since its founding earlier this year.
M.Gemi was launched in March by serial entrepreneur Ben Fischman, who previously co-founded Lids Sports Group and Rue La La. The new brand works with about 10 factories in Italy to produce limited-edition shoe styles that debut on its site each Monday and then disappear within 12 weeks. Prices range from $128 to $298 for the shoes.
Fischman told Footwear News earlier this year, “Other retailers use a lot of sales and short-term product promotions; we use newness to drive interest, and that’s what clients want in the long run.”
With this new batch of capital, M.Gemi said it plans to develop data-centric inventory management systems and invest in innovative marketing strategies. It also plans to build up its headcount. As of mid-July, Fischman told FN there were 45 people on the payroll in its Boston and Florence offices, with plans to add about 20 more.