{"id":38329,"date":"2023-10-20T14:55:44","date_gmt":"2023-10-20T14:55:44","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/shoes-of-preys-jodie-fox-reveals-the-legwork-behind-a-21-million-funding-round-answering-all-the-really-tough-questions-startupsmart\/"},"modified":"2023-10-20T14:55:44","modified_gmt":"2023-10-20T14:55:44","slug":"shoes-of-preys-jodie-fox-reveals-the-legwork-behind-a-21-million-funding-round-answering-all-the-really-tough-questions-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/shoes-of-preys-jodie-fox-reveals-the-legwork-behind-a-21-million-funding-round-answering-all-the-really-tough-questions-startupsmart\/","title":{"rendered":"Shoes of Prey\u2019s Jodie Fox reveals the legwork behind a $21 million funding round: \u201cAnswering all the really tough questions\u201d &#8211; StartupSmart"},"content":{"rendered":"<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"445\" height=\"352\" itemprop=\"image\" class=\"entry-thumb\" src=\"\/wp-content\/uploads\/2015\/12\/l_jodiefox.jpg\" alt=\"\" title=\"l_jodiefox\"\/><\/div>\n<p>For Australian-born startup Shoes of Prey, the key to closing a $US15.5 million ($21.3 million) funding round was years of preparation and answering the hard questions.<\/p>\n<p>\u00a0<\/p>\n<p>The now US-based online retailer has just announced the massive Series B raises, and co-founder Jodie Fox says the secret is to provide investors with a clear vision in the long-term.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cIt was a matter of realising what our plans are for the foreseeable future and what cash it\u2019ll take to get there,\u201d Fox tells <i>StartupSmart.<\/i><\/p>\n<p><i><br \/><\/i><\/p>\n<p><i> <\/i><\/p>\n<p>\u201cIt\u2019s about answering all the really tough questions before going into a raise. You need to know why you\u2019re asking for the money.\u201d<\/p>\n<p>\u00a0<\/p>\n<p>This process involves a lot of \u201csoul searching\u201d, Fox says.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cOver the past five years we\u2019ve spent a lot of time figuring out how to make the business work,\u201d she says.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cIt was a very nuts-and-bolts approach. By the end of this year we\u2019ve come to a lot of conclusions about what can really set the world on fire, and we\u2019re looking for funding based on that.\u201d<\/p>\n<p>\u00a0<\/p>\n<p><b> <\/b><\/p>\n<p>The funding round was led by Australia-based Blue Sky Venture Capital along with Greycroft, Nordstrom and Khosla Ventures, and it brings the total funds raised by Shoes of Prey to nearly $US25 million.<\/p>\n<p>\u00a0<\/p>\n<p><b> <\/b><\/p>\n<p>The $US15.5 million cash injection will be used to expand the startup\u2019s omni-channel presence in the US, as well as its manufacturing capabilities in China to prepare for the added demand.<\/p>\n<p>\u00a0<\/p>\n<p>The company <a href=\"growth\/growth-strategy\/shoes-of-prey-establish-foothold-in-the-us\/2015090415454.html\">made the big move to the US late last year<\/a> and partnered with fashion retailer Nordstrom to launch in six physical stores.<\/p>\n<p>\u00a0<\/p>\n<p>While Fox and her team have already expanded globally, many of the measures in Monday\u2019s innovation statement look to make this process easier for Aussie entrepreneurs, including the introduction of five \u2018launch pads\u2019 around the world.<\/p>\n<p>\u00a0<\/p>\n<p>These new initiatives \u201cdefinitely\u201d would\u2019ve helped Shoes of Prey make the move, she says.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cIt\u2019s putting oil into the machine to let it actually run and the global perspective of a lot these policies really excite me,\u201d Fox says.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cWe can help this nation of inventors and innovators take their brains to the rest of the world.\u201d<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><i>Do you know more on this story or have a tip of your own? Raising capital or launching a startup? Let us know. Follow StartupSmart on <\/i><a href=\"https:\/\/www.facebook.com\/StartUpSmart\" target=\"_blank\" rel=\"noopener\"><i>Facebook<\/i><\/a><i>, <\/i><a href=\"https:\/\/twitter.com\/startupsmartnow\" target=\"_blank\" rel=\"noopener\"><i>Twitter<\/i><\/a><i>, and <\/i><a href=\"https:\/\/www.linkedin.com\/company\/startupsmart\" target=\"_blank\" rel=\"noopener\"><i>LinkedIn<\/i><\/a><i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For Australian-born startup Shoes of Prey, the key to closing a $US15.5 million ($21.3 million) funding round was years of<\/p>\n","protected":false},"author":2,"featured_media":61709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/38329"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=38329"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/38329\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/61709"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=38329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=38329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=38329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}