Joint Led by IDG Capital and Sequoia Capital China, the footwear company's Series A funding represents VC giants' confidence in the prospect and potential of this company.
LOS ANGELES, June 21, 2022 /CNW/ -- MIRACLE MILES GROUP INC., a footwear technology enterprise that owns the popular brand Dream Pairs, officially announces today that it has closed a $100M Series A funding. The financing jointly led by IDG Capital and Sequoia Capital China will further boost the company's aggressive expansion into the global market.
"This round of funding has been closed despite a particularly challenging and turbulent capital market, which shows the confidence of world-class investors in the strength of our business," says Brian Cao, founder of MIRACLE MILES GROUP INC. "To prepare for global expansion, the company is developing an intelligent cloud platform to analyze the industry's big data. Establishing highly-efficient digital management systems enhances the entire product life cycle from product design and development to end-consumer business."
The company owns three key brands: Dream Pairs, which leads Amazon.com in women fashion footwear sales, the business-casual menswear brand Bruno Marc, and Nortiv8, an outdoor recreation line. All three are among the Top 100 footwear brands on Amazon.com, with more than 20 million pairs of shoes sold. Most notably, Dream Pairs has ranked as the #1 seller in many categories, including heel sandals, flats, and pumps.
"We are very impressed by their diligence and perseverance while improving the customer experience journey," said Jiajia Zou, Partner of Sequoia Capital China. IDG's Partner Meng Lian also spoke very highly of the supply chain efficiency: "Miracle Miles Group has an impressive market share and keeps growing despite a global pandemic. We are amazed by their dedication to quickly launch and improving future variations. We look forward to growing together with them," Meng said.
With the ammunition from this round of financing, the company will reach even more customers in the US and proceed to create a larger customer base in America, Europe, and Asia in 2 to 3 years.
About MIRACLE MILES GROUP INC.
MIRACLE MILES GROUP INC. is a tech-driven footwear enterprise with three well-established brands: Dream Pairs, Bruno Marc, and Nortiv8, covering various categories: women's shoes, kids' shoes, men's shoes, outdoor shoes, and work shoes. With over two thousand shoe styles and twenty million users, MMT's mission is to create value for and make quality fashion accessible to consumers by providing stylish, functional, comfortable footwear with reasonable pricing.
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SOURCE Miracle Miles Technology Co.
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