Shoes of Prey, high profile Australian startup, has paused business operations to “actively assess” if they will sell the company or reboot with “major changes”.
Co-Founder Jodie Fox announced the news on Instagram. She said the business started off with great early signs but struggled to “truly crack mass-market adoption”.
“Just like every company, behind the scenes, we faced struggles. While all the indicators and data were positive, we were not able to truly crack mass-market adoption. We remain passionate and positive about our vision for the future of fashion retail,” she said.
“But we are making the difficult decision today to pause orders and actively assess all our options to either sell, or at a later date, reboot the business with substantial changes.”
On Tuesday, the company removed all ordering options from its website and a display message told customers “we’re pausing to consider our options for the future of our business, and we have stopped taking orders”.
Shoes of Prey was founded in Sydney in 2009 by Fox, her then-husband Michael Fox, and Mike Knapp.
The Financial Review reported that the start-up attracted a who’s-who group of investors including Atlassian’s billionaire co-founder Mike Cannon-Brookes, prominent Silicon Valley venture capitalist Bill Tai, and VC firms including Blackbird Ventures, Khosla Ventures and Greycroft Partners.