Miracle Miles Group Inc., a footwear technology company that owns the Dream Pairs brand, has closed a $100 million Series A funding round.
The company said the financing, jointly led by IDG Capital and Sequoia Capital China, will further boost its 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," Miracle Miles founder Brian Cao said in a statement. "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.”
Miracle Miles also owns business-casual menswear brand Bruno Marc and Nortiv8, an outdoor recreation line. Its products are sold on Amazon.com.
In other L.A.-area tech and startup news:
- Just Women’s Sports Inc., a Los Angeles media platform dedicated exclusively to women’s sports, has raised $6 million from new and returning investors. The funding was led by Blue Pool Capital, Alibaba co-founder Joe Tsai’s family office. New investors included Billie Jean King; Washington Spirit owner Michele Kang; Bolt Ventures, the family office of financier and team owner David Blitzer; and other institutional and angel investors. JWS previously raised $3.5 million in May 2021. The company's original programming includes a series of athlete-hosted podcasts and video series, as well as social media, a website, a newsletter and live events. JWS also has a line of exclusive merchandise that will expand in the coming months.
- Aliso Viejo-based medical device company Bright Uro Inc. has launched with $4 million in seed financing from Academy Investor Network, Fred Moll and several other prominent angel investors. Bright Uro said its mission is to transform care for lower urinary tract symptoms through innovations in urodynamics. The company, which has an exclusive licensing agreement from Cleveland Clinic, was awarded a $2 million Phase II SBIR grant from the National Institutes of Health.
- Revolution RE Inc. (formerly JoyHub Inc.), a software-as-a-service data aggregation and analytics platform for the residential rental real estate market, has closed on $3 million in funding. The round included participation by 29th Street Ventures, Moderne Ventures, Techstars, PLG Ventures Silicon Badia, Jason Calacanis’ Launch fund and The Syndicate. The funding will be used for product development, as well as marketing and sales efforts.
- The Los Angeles Cleantech Incubator has launched its nationwide LACI Cleantech Debt Fund, a green loan program to scale early-stage cleantech startups and accelerate equitable climate action. The $6 million fund will provide loans of $25,000 to $250,000 to an estimated 100 early-stage startups over five years, providing an alternative to venture capital for companies that need financing to support their first customer orders or working capital to scale their businesses. LACI aims to help underrepresented founders. Unlike most traditional bank loans, the LACI Cleantech Debt Fund will not require founders’ personal collateral or their personal credit scores in underwriting.
