Footway

Footway is the leading online footwear retailer headquartered in Stockholm.

Footway is the leading online footwear retailer headquartered in Stockholm

Founded by Daniel Mühlbach, the former owner and co-founder of Lensway (contact lenses online) which he built to SEK 500 million in sales.

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Key achievements

Best-in class IT system infrastructure with 150+ integrated applications
One of few companies in Europe with complete real time automatic integrations with Facebook and Google
Strengthening of the management team and Board of Directors
Increase in working capital to allow for broader selection of products and expansion international expansion outside of Sweden
Two strategic acquisitions (Heppo in Apr-13 and Brandos in Dec-13)
IPO on Nasdaq First North in Stockholm on December 20, 2018

Many of our investment criteria where met when we invested in Footway

Digital business model
Strong organic revenue growth and high gross margins
EV target size in Fund II (SEK 60-150 million)
Large addressable market with a low online penetration expected to rapidly increase
Strong and coachable management team
Low average customer acquisition cost enabling Footway to experience strong organic growth under profitability
Strategic fit with portfolio
Potential to generate over 4.0x of invested capital
Wow-factor