Heels.com.ng fundraising to expand product line, coverage

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Nigerian startup Heels.com.ng, an e-commerce startup with a specific focus on retailing affordable female designer shoes, is fundraising for a “seven-figure sum” as it looks to expand its product line and reach more customers.

Founded in 2013, Heels.com.ng offers users direct access to over 100 of the top female designer brands around the world, and claims to boast the largest assortment of affordable designer brands in Nigeria.

Chief executive officer (CEO) Ikenna Okonkwo told Disrupt Africa the startup has thus far shipped over 8,000 pairs of shoes, with year-on-year revenue growth of 243 per cent.

The startup raised funding in late 2014, but has now mandated investment club NewGenAngels to raise its next round. Though the exact amount sought is undisclosed, it is a seven-figure sum.

Okonkwo said Heels.com.ng is positioned to innovate, having already introduced services such as gift cards, a permanent buy-one-get-one-free section, a wedding collection section and an automatic 10 per cent coupon with each delivery for customer retention.

“We recently upgraded our site so customers can find the shoes you want quicker and checkout faster on all mobile devices. A redesigned checkout page allows customers to also check out on a single page, so no more lengthy checkout steps,” he said.

Once the funding is confirmed, Okonkwo said future plans for the startup include launching its own shoe line, experience centres, and celebrity-inspired shoes.

“Our strategic ambition over the next few years is to become the store of choice for footwear based on four cardinal dimensions: trend, assortment, affordability and brand affinity,” he said.

Sean Obedih, founder of NewGenAngels, said Heels was one of the best e-commerce businesses coming out of Nigeria, with traction that has been “nothing short of spectacular”.

“This is a great market segment with great margins and fantastic growth prospects, but most importantly the team is very mission driven,” he said.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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