[Funding alert] D2C online startup Flatheads raises $1M in pre-Series A from We Founder Circle, Dexter Angels, others

Bengaluru-based D2C online brand Flatheads has raised $1 million in pre-series A round led by startup investment platform We Founder Circle and angel network Dexter Angels. The round also witnessed participation from other investors including Gaurav Kapur (TV presenter and founder, Oaktree Sports), Sahil Barua (Co-founder, Delhivery) and Radhika Ghai (Co-founder, Shopclues).

With this investment, We Founder Circle completes 20 investments in 2021 in continuation of its mission to fund early-stage startups in India. Angel investors investing in Flatheads through WFC include Siddharth Shah, Sandeep Balaji, Hemant Umbarkar, Swati Mittal, Victor Banerjee, Shefali Saxena and NK  Securities Research.

On the investment, Neeraj Tyagi, Co-founder, We Founder Circle said,

“The funding in the D2C sector rose by 251 percent in the first seven months of the year 2021. The reason is the newly identified scope of growth, and performance of innovative business models in the field. Flatheads have a product innovation focus which has resulted in amazingly lightweight and comfortable shoes. They have taken a tough road by choosing to sell from their website aggressively while using big marketplaces also. As a result, they have created unique value by making their online website also a popular platform to launch multiple product lines in the future.”

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Flatheads designs all-day wear casual sneakers for the discerning urban audience, launched with a vision to create versatile sneakers suited for the Indian urban lifestyle. It claims to be the first Indian brand to introduce bamboo fibre shoes that are uniquely suited for the Indian tropical climate.

“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 the brand identity, expanding our presence internationally and investing in product differentiation,” added Utkarsh Biradar, Co-founder and CEO, Flatheads.

Tushar Agrawal, Partner at Dexter Angels stated, 

"Urban millennial shoppers are attracted towards indigenous, purpose-driven brands which they can resonate with provide them a personalised experience. We at Dexter Angels believe the next decade holds tremendous scale-up potential for innovative D2C brands and we are really glad to add Flatheads into our portfolio. They have built a 'Made in India' brand with world-class quality leveraging their innovative DNA. The passion and customer-centricity of founders convince us that they are on the path of building India’s most loved D2C footwear brand.”

The brand plans to utilise 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 in November 2019.

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