D2C online brand Flatheads has raised $1 million in pre-series A round from We Founder Circle, Dexter Angels, and others. The funding round was led by startup investment platform We Founder Circle and angel network Dexter Angels. Besides, other marquee investors too participated in the funding round including Gaurav Kapur (TV presenter and founder, Oaktree Sports), Sahil Barua (Co-founder, Delhivery) and Radhika Ghai (Co-founder, ShopClues).
The brand plans to utilize funds in international expansion and product differentiation in the market. Including the current round, Flatheads has raised a total of $1.5 million since its inception.
Flatheads - a Bangalore-based Direct-To-Consumer online brand that designs all-day wear casual sneakers for the 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 fibre shoes that are uniquely suited for the Indian tropical climate, it said in a press release.
Neeraj Tyagi, Co-Founder, We Founder Circle said, “The funding in 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.”
“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 fundraise, we aim to establish Flatheads as a lifestyle brand made in India for the world - by building brand identity, expanding our presence internationally and investing in product differentiation,” said Utkarsh Biradar, Co-founder and CEO, Flatheads.
Tushar Agrawal, Partner at Dexter Angels affirmed, " The passion and customer-centricity of founders convince us that they are on the path of building India’s most loved D2C footwear brand".
With this investment, start-up investment platform, We Founder Circle completes 20 investments in 2021. Angel investors investing in Flatheads through WFC include Siddharth Shah, Sandeep Balaji, Hemant Umbarkar, Swati Mittal, Victor Banerjee, Shefali Saxena & NK Securities Research.