M.Gemi gets 16 million dollars in Series C funding

Online shoe retailer M.Gemi has secured 16 million for its first physical store, to be based in Boston, its hometown. The company will sell the same high-end Italian-made men’s and women’s shoes at reasonable prices.

The Series C round was led by Burda Principal Investments, and added on the contributions from previous investors Accel, General Catalyst Partners and Forerunner Ventures. The company explained Tuesday that the investment will help them develop their predictive analytics tools and supply chain.

"This round of funding will fuel ongoing investment in advanced technology to enhance predictive analytics, and the brand’s unique supply chain in Italy," explained M.Gemi in a corporate release. “After two years in the U.S. market, we know our consumer values uncompromised quality, weekly releases, and unbelievable prices. We are redefining what it means to be a luxury brand in this economy and we sought an investor with additional expertise who understands what M.Gemi is bringing to the market and the potential for us on a global stage.” said CEO Ben Fischman, commenting the investment. “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 ecommerce gives us tremendous value as we grow domestically and globally.”

According to the ´Boston Globe´, the company has brought in a total of 47.2 million dollars from investors.

In addition to this foundational brick-and-mortar store, the brand will get physical with a second “fit shop,” an outlet in the Boston´s Prudential Center where customers can check out its latest offerings before buying online. The retailer already has a brick and mortar store in Soho, NYC.