03 Mar SOLS Raises $11.1M Series B Funding
SOLS, a developer of mass customized 3D printed footwear, completed an $11.1 million Series B funding round to boost its consumer product pipeline. Previous investors returned for the round including Founders Fund and Lux Capital, in addition to significant new investments by Tenaya Capital and Melo7 Tech Partners, a fund co-founded by Carmelo Anthony and Stuart Goldfarb. SOLS is also announcing the appointment of Terdema Ussery, Dallas Mavericks’ president and CEO, to its board of directors.
“This is a pivotal time for SOLS as we aim to bring our mass customized 3D printed footwear direct to the consumer. The vote of confidence we have from our current investors and the additions of Melo7 and Tenaya only continue to validate the need to transform the footwear industry and enhance the way we move,” stated Kegan Schouwenburg, SOLS founder and CEO. “We are honored to have Terdema join our board, he is the synthesis of what SOLS stands for. With his rich background in performance sport from his time at Nike, to his real-world experience and application with the Dallas Mavericks, his insight will be invaluable as we work to transform SOLS into a recognizable, household brand.”
“I am excited to be joining the dynamic team at SOLS. Their technical innovations, passionate consumer focus and mission to enhance, enrich and seamlessly empower the mobility of all its users – whatever their daily journey – is truly transformative,” said Terdema Ussery. “The team at SOLS is building the future of orthotics and I am honored to join the SOLS Board and assist them in this journey by providing strategic insight and direction.”
SOLS enables the personalization of everyday wearables. The company’s first product, SOLS dynamic insoles are one of the world’s first applications of 3D printing introduced to the consumer market. The new infusion of capital will be used to prepare for SOLS’ direct to consumer launch and further develop its robust portfolio of products that focus on smart technology and responsive real-time products.
“As an athlete, I understand the relationship between high performance, skill and proper biomechanical alignment. SOLS is a pioneer in 3D printed, comfort custom orthotics and is changing the dynamics of the category – making wearable technology actionable and relevant for the everyday man,” stated Carmelo Anthony. “I believe in the ambition of the Company and wanted to be a part of it at the onset.”
“We pride ourselves on backing passionate founders like Kegan. We are excited to continue supporting the SOLS team as they work to bring custom-manufactured wearables to consumers,” said Founders Fund’s Ken Howery.
Lux Capital’s Zack Schildhorn added, “This Company is reinventing footwear and reimagining how personalized products are made. We couldn’t be more proud of the team’s progress and are excited to support their vision of the future.”
Since launching in July 2013, SOLS has raised a total of $19.3 million in funding, grown to a team of over 45 employees, and established a network of over 300 medical professionals that provides medical-grade SOLS in every major market. The SOLS platform connects the dots between hardware-agnostic scanning, generative design and digital manufacturing to make custom mass manufacturing a reality. By enabling people to have easy access to relevant, far-reaching and custom-fit products, SOLS is striving to bring the world of 3D printing to the mass consumer sector.