Footwear Brand Miracle Miles Receives $100M in A-Round Financing

Miracle Miles, a global footwear technology company, has secured $100 million in round-A financing, 36Kr reported on Monday. The joint leading investors were Sequoia China and IDG, while Skysaga Capital served as the exclusive long-term financial adviser.

Miracle Miles was established in New York in 2019, and is committed to becoming a leading technology-driven footwear company. It covers the needs of different people by creating a brand matrix, and its brands of fashionable women’s shoes, business men’s shoes and outdoor sports shoes have performed well in the market. It has extended business operations into a dozen countries, and currently serves more than 16 million users. Its brand influence grows day by day.

Data show that the global fashion market has a size of over $1.5 trillion, within which footwear accounts for nearly $400 billion. Many industry giants such as Nike, Adidas and Belle have developed global operations, and the market appears promising. Following the rising penetration of footwear online and consumers’ pursuit of specific products, new brands such as Allbirds and On have emerged.

Ever since its founding, Miracle Miles has placed emphasis on data-based product selection, and has a team of professional designers and a process-oriented design system to better grasp fashion trends and fast update speed. Its products have gained market recognition, and the team keeps iterating and optimizing the products with sales data and user feedback for a better consumer experience.

SEE ALSO: AR Firm Rokid Bags $110M in Round-C Financing

Upon this round of financing, Miracle Miles intends to complete the strategic layout of the global footwear market in the next two to three years, with a wider range of categories covered and operations in more countries and regions.