Children’s shoe brand Plae has announced that it has received additional financial backing, closing on $7 million in Series A funding led by Paris-based Partech Ventures. According to the San Francisco-based footwear company, the cash brings its total capital raised to $10.8 million, allowing the young brand to expand its global operations and fund growth, as well as invest in new product categories and cross-channel technologies.
Participants include Floodgate; Western Technology Investment; Finn Capital; Rockport founder Bruce Katz; Yasunobu Kyogoku, former COO of Uniqlo; Fabrice Ginda and Jose Marin, among others.
Since the brand’s launch in 2013, it has grown almost 100 percent per quarter, according to the company, and is on track to sell more than a million pairs of shoes over the next 12 to 18 months.
Plae was founded by former Puma designer Ryan Ringholz, who serves as chief designer, and is led by CEO Jonathan Spier, a Silicon Valley tech-startup veteran.
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“Kids now expect everything within reach to respond to their touch and have it their own way,” said Ringholz, about the collection’s unique feature — patent-pending interchangeable tabs that allow kids to customize both the style and the fit of their shoes.
Plae is sold online at goplae.com, as well as at better retailers in the U.S. and globally in 22 countries. The shoes start at $49.95 retail.