D2C Online Brand Flatheads Raises $1 Mn Pre-Series A From We Founder Circle, Dexter Angels And Others The brand plans to utilize funds in international expansion and product differentiation in the market
By Prabhjeet Bhatla •
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Bengaluru-based direct-to-consumer (D2C) online brand Flatheads, on Thursday, announced that it raised $1 million in pre-Series A round from We Founder Circle (WFC), Dexter Angels, and others. The funding round led by startup investment platform We Founder Circle and angel network Dexter Angels also witnessed participation from other investors including Gaurav Kapur (Oaktree Sports), Sahil Barua (Delhivery), and Radhika Ghai (ShopClues).
The brand plans to utilize funds in international expansion and product differentiation in the market.
"The pandemic has accelerated the adoption of online D2C brands, and we are seeing supercharged growth with a focus on everyday comfort. With the current fundraising, we aim to establish Flatheads as a lifestyle brand made in India for the world - by building the brand identity, expanding our presence internationally, and investing in product differentiation," said Utkarsh Biradar, co-founder and chief executive officer, Flatheads.
The online brand that designs all-day wear casual sneakers for the discerning urban audience, was launched with a vision to create versatile sneakers suited for the Indian urban lifestyle. Flatheads is the first Indian brand to introduce bamboo fiber shoes that are uniquely suited for the Indian tropical climate.
Angel investors investing in Flatheads through WFC include Siddharth Shah, Sandeep Balaji, Hemant Umbarkar, Swati Mittal, Victor Banerjee, Shefali Saxena, and NK Securities Research.
"The funding in the D2C sector rose by 251 percent in the first 7 months of the year 2021. The reason is the newly identified scope of growth, and performance of innovative business models in the field. Flatheads have a product innovation focus which has resulted in amazingly lightweight and comfortable shoes. They have taken a tough road by choosing to sell from their website aggressively while using big marketplaces also. As a result, they have created unique value by making their online website also a popular platform to launch multiple product lines in the future," commented Neeraj Tyagi, co-founder, WFC.
"Urban millennial shoppers are attracted towards indigenous, purpose-driven brands which they can resonate with and which provide them a personalized experience. We at Dexter Angels believe the next decade holds tremendous scale-up potential for innovative D2C brands and we are really glad to add Flatheads into our portfolio. They have built a 'Made in India' brand with world-class quality leveraging their innovative DNA. The passion and customer-centricity of founders convince us that they are on the path of building India's most loved D2C footwear brand," affirmed Tushar Agrawal, partner, Dexter Angels.
Including the current round, Flatheads has raised a total of $1.5 million since its inception.
