3D-printed footwear startup gets $4 million, acquires competitor

A new tech startup out of Vancouver called Wiivv wearables received $4 million in funding for its brand of 3D printed insoles and footwear. Wiivv designs all its products and is looking to launch new iterations of its custom-fit footwear.

Investors in the round included a private Seattle-based tech investor syndicate. Existing major investors, including Montreal’s Real Ventures, Eclipse VC, Evonik Venture Capital, and Asimov Ventures, will also join the round, set to officially close in Q1 2017.

But that wasn’t all to the news. Vancouver-based Wiivv, founded in 2014, also announced its acquisition of eSoles, a U.S. provider of modular, customizable footbeds. Wiivv said the deal will give it data for over 50,000 3D foot scans, which will be used to support footwear product launches in the months ahead.

Wiivv also uses its own “body-perfect capture and computer vision technology” on a smartphone. It’s a type of foot scan that allows Wiivv to customize products to fit consumers’ feet.

“The highlight of 2016 has been the formation of a world-class team of innovators and partners, who are all passionate about the positive everyday impact we can have in people’s lives with custom-fit footwear becoming available mainstream,” said CEO Shamil Hargovan. “We will accelerate our vision of every shoe made custom to you, and will continue to learn and lead as we bring custom footwear to the masses.”

After its Kickstarter campaign in early 2016, Wiivv shipped over 10,000 Wiivv insoles across the world. The startup claims it has grown 10 times year-over-year.

Wiivv’s next product will launch in Spring 2017.

It seems Wiivv experienced somewhat of a pivot since it first raised its $3.5 million seed round in late 2015. Back then it was still being referred to as a bionics company that creates custom-printed body gear. Since then it looks like the company has narrowed its focus solely to the footwear segment.

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