Rothy’s, a vegan footwear brand based in San Francisco, has been given $35 million in investment funding, which will allow the brand to continue making shoes from recycled plastic. Renowned for its sustainable approach, the brand makes machine-washable shoes, with the products designed exclusively for women.
Rothy’s have reused over 21 million single-use water bottles since starting only three years ago. The women’s footwear brand has become one of the fastest growing brands in the world, “growing revenue 50 times over the past two years,” according to news outlet New Stage, and has sold over one million pairs in 2018, generating $140 million in revenue.
Co-founder of Rothy’s, Stephen Hawthornwaite, commented: We started Rothy’s to make shoes that would be loved for their style, practicality and comfort, while pursuing our Company’s mission of sustainability.
“We are thrilled to welcome Goldman Sachs Investment Partners as an investor. We look forward to the next phase of our journey in becoming a globally recognised brand.”
Ian Friedman, co-head of the GSIP Venture Capital and Growth Equity Team, said: “Rothy’s has achieved the rare combination of attributes we look for in a brand: a production process and product offering with differentiated IP, a passionately supportive and loyal customer base, and rapid growth achieved through viral means.
“We believe that Rothy’s has the opportunity to eliminate consumers’ historical need to compromise on style, comfort or sustainability.”
Co-founder of Rothy’s, Stephen Hawthornwaite, commented: We started Rothy’s to make shoes that would be loved for their style, practicality and comfort, while pursuing our Company’s mission of sustainability.
“We are thrilled to welcome Goldman Sachs Investment Partners as an investor. We look forward to the next phase of our journey in becoming a globally recognised brand.”