Just days before reporting fourth-quarter earnings, Foot Locker Inc. has announced yet another major investment.
The retailer put $12.5 million toward children’s apparel company Rockets of Awesome, serving as the lead investor in a Series C round worth a total of $19.5 million. (Forerunner Ventures and General Catalyst are among the kids’ brand’s early investors.)
“Rockets of Awesome is advancing the way parents shop for their kids, and Foot Locker is committed to evolving with the ever-changing retail landscape and adjusting to the speed of our customers,” said Foot Locker chairman and CEO Dick Johnson. “We are excited that our partnership with Rockets of Awesome will enable Kids Foot Locker to deliver new, innovative products and experiences. We look forward to collaborating with them on brand development, product collections and go-to-market plans to help realize additional growth for both companies.”
The athletic footwear company said its latest investment allows it to diversify its customer base and expand its product offerings as it seeks continued relevance with younger customers.
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“Our partnership with Foot Locker is a powerful validation of Rockets of Awesome’s ongoing progress in our mission to simplify parents’ lives and enable them to celebrate real life with their kids,” said Rachel Blumenthal, founder and CEO at Rockets of Awesome. “With Foot Locker’s support, we look forward to bringing our unique, high-quality merchandise and convenient shopping experience to even more families everywhere.”
The move comes less than three weeks after Foot Locker said it was making a $100 million strategic investment in GOAT Group, which operates sneaker marketplaces GOAT and Flight Club.
Within the last 13 months, the company has also thrown financial support behind three other businesses. Last month, it made a $2 million strategic investment in Pensole Inc. and $3 million toward a Series Seed II investment round in children’s lifestyle brand Super Heroic. Additionally, it contributed $15 million in Series A funding toward Los Angeles-based women’s luxury activewear maker Carbon38 last January.
The company will report fourth-quarter earnings on Friday.
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