Vegan Shoes Maker Rothy’s Receives $35 Million Investment From Goldman Sachs Investment Partners
In 2012 Roth Martin and Stephen Hawthornthwaite left their jobs to started researching on women’s footwear. After years of research, Rothy’s was born in 2016 as a company that makes vegan shoes made recycled plastics using 3D knit technology to give the shoe a perfect stitch. Rothy’s identifies with the seamless knit, sustainable and machine washable footwear.
With an indistinguishable versatile exterior, the shoes are so comfortable that you cannot say they are made of plastics. Rothy’s shoes are available in four different styles which are loafers, the point, the flats as well as the sneaker. For instance, the flats are 9.3 ounces which makes them be the ideal footwear in the morning, through the day or even when traveling. You don’t have to worry that you have worn them too much because they are machine washable.
The $35 million investment from Goldman Sachs Investment Partners
Recently Rothy’s generated close to $35 million through Goldman Sachs Investment for the continued production of vegan shoes from recycled plastic bottles. While speaking about the GISP investment, Hawthornthwaite said that they were thrilled to partner with GISP as their newest investor. He added that the company would continue growing as they look to expand globally and be a recognized brand. Rothy’s is going global, and they are planning to launch in various regional stores across major cities in the U.S. in 2019.
According to New Stage, Rothy’s is one of the fastest growing brands in the world today, and in the last two years, it has incredibly grown its revenue. In 2018, for instance, the company indicated that they had sold over one million shoe pairs that generated revenue of approximately $140 million.
Rothy’s could shape historical consumer tastes
GISP Venture Capital and Growth team’s Co-head, Ian Friedman, said that Rothy’s had a unique combination of attributes that as a venture investment group they could consider. The appealing features include the process of production and their product offering with differentiated IP, the loyal and supportive customer base as well as the tremendous growth that the company has achieved. Friedman stated that they believed that the company had the opportunity to do away with customer’s historical need of having to compromise on style or sustainability.
Rothy’s Co-founder, Haythornthwaite stated that part of the appeal for their company is their view on plastic waste. He added that the company was started to produce stylish shoes that can be loved for their comfort and practicality while at the same time fulfilling their mission of sustainability.
Rothy’s has recycled over 20 million bottles
In November 2018 the company reported that they had recycled over 20 million plastic bottles including other materials that are recyclable to produce its shoes. Using their sustainable design and advanced knowledge in material science the company has managed to make vegan adhesives, foam materials as well as carbon-free soles.
The company is removing plastic from the environment, and through their trademark 3D knitting technology the company releases minimal waste to the environment. Their production produces only 5% waste which is 30% less than the conventional manufacture of other shoes.