M. Gemi, a direct-to-consumer accessories brand, is poised to expand once again. The Boston-based company today announced it has received a $16 million Series C investment led by Burda Principal Investments, the growth capital arm of Hubert Burda Media, a German tech and media organization.
The company, which produces men’s and women’s footwear in Italy, is known for introducing new looks each Monday, keeping customers coming back on a regular basis. In addition to its e-commerce business, it operates a storefront in New York’s Soho where consumers can try shoes on for size, then order online. A second is slated to open in Boston’s Prudential Center.
This latest round of funding brings M. Gemi’s total funding to $47.2 million. According to the company, the funds will fuel ongoing investment in advanced technology to enhance predictive analytics and the brand’s supply chain in Italy. Burda Principal’s funding follows a round of Series B funding M. Gemi received in 2015. The investment totaled $18 million and was led by venture capital firm Accel.
The company was launched in 2015 by founders Ben Fischman, CEO, Cheryl Kaplan, president, and Maria Gangemi, chief merchant. “We believe the future of retail is in the convergence of content, digital and physical commerce, and Burda’s unique experience across both consumer media and e-commerce gives us tremendous value as we grow domestically and globally,” said Fischman.
“M. Gemi is truly disrupting the luxury marketplace through its utilization of data science and uniquely competitive production network in Italy,” said Christian Teichmann, managing director of Burda Principal Investments. “We are impressed by the brand’s combination of art and science and the expertise of the team at the helm. With such compelling early success online and offline, M. Gemi has a tremendous opportunity to lead a monumental shift in the way brands think about the consumer and the global marketplace.”