Jack Erwin Secures $2 Million Funding Round Proceeds to be Used to Deepen the Company's Men's Shoe Collection and Enhance its Online Storefront
NEW YORK, Feb. 6, 2014 /PRNewswire/ -- Jack Erwin today announced it has secured a $2 million Series A funding round led by Crosslink Capital, with additional participation by Shasta Ventures and Menlo Ventures. The funds from the round will be used to expand the depth of the company's dress shoe collection and build out its online storefront.
"In early 2012, while shopping in the West Village, it became apparent that the shoes we had always admired were no longer attainable from a cost standpoint. At that particular moment, we decided to found Jack Erwin as an ode to heritage and craft at yesterday's prices," said Lane Gerson co-founder of Jack Erwin. "Now, with demand exceeding our initial projections and with an immediate need to ramp up inventory purchases, we have raised this round to align ourselves with great partners excited to offer both the growth capital and deep rooted guidance necessary to help turn Jack Erwin into something truly special. We look forward to building upon Jack Erwin's great initial traction."
Jack Erwin, which launched in October 2013, was established to offer well-designed, well-crafted dress shoes at fair prices. To stay true to its promise of providing quality products at justified prices, Jack Erwin has developed its own direct to consumer model to best manage pricing. By controlling production and selling exclusively online, Jack Erwin is working to shrink the ever-increasing chasm between cost and retail price, which perpetuates in today's retail marketplace. Since launch, over 100,000 unique visitors have visited the site, with many becoming instant and repeat customers. This has fueled the company's belief that there is a huge demand for well-made, well-priced dress shoes.
"By creating it's own direct online distribution model, Jack Erwin is starting to stake a claim in the men's luxury shoe marketplace," said Eric Chin of Crosslink Capital. "It's a pleasure to be involved with the Jack Erwin team and all of us here are looking forward to creating something special."
Prior to this round of funding, Jack Erwin raised a seed round from angel investors and currently employs 6 people. The company operates a showroom in New York City and distributes product directly from it's logistics warehouse in Brooklyn, with shoes being manufactured in Portugal at a third-generation family-owned factory.
"In just a few short months Jack Erwin has captured the hearts and minds of customers who have been looking for high-quality men's dress shoes at reasonable prices," said Tod Francis, Managing Director at Shasta Ventures. "The early success they've seen is a testament to the founders' vision, and we look forward to watching them offer dress shoes, which illustrate the team's belief that menswear should last for years, both in quality and appeal."
About Jack Erwin
Founded in 2013, Jack Erwin's mission is to offer well-crafted, honestly priced shoes that serve as the foundation for every mans self-expression. Each pair in the core collection is blake constructed, made with full leather uppers and comes complete with hand-painted leather outsoles, full leather lining and padded insoles. Products are offered in five styles and retail at $195 for shoes and $210 for boots and are available online only at www.jackerwin.com.
SOURCE Crosslink Capital