Grounded People secures $2.5 million in funding
Ethical and sustainable Canadian vegan footwear company Grounded People Apparel Inc. announced on Friday a breakthrough investment from Vancouver-based Right Season Investments Corp.
The $2.5 million investment by Right Season was completed by way of a non-brokered private placement. It brings Right Season’s holdings in the company to 4,811,508 shares, representing a 20.73% interest.
With the investment, Grounded People is expected to further strengthen its position and work towards expanding its product line and distribution, in order to prepare the brand for aggressive growth across the sustainable footwear market, which is projected to reach $13.3 billion by the end of the decade.
The investment in the Vancouver-based company comes just three months after the company’s October 5, 2022, listing on the Canadian Securities Exchange (CSE).
“It’s incredibly humbling to have the support of the team at Right Season, especially given current capital market conditions and the challenges they bring,” said Maximilian Justus, CEO and co-founder of Grounded People.
“Their trust and partnership are more than just votes of confidence, they’re validation to our entire team that what we are doing matters and is important. Grounded People has come a long way since our founding in 2020, and this investment will enable us to grow our team further, expand our retail and online presence, target international markets and continue building a robust product portfolio that simply and cost-effectively protects our customers and the planet on which we reside.”
Since inception, Grounded People has been dedicated to reducing the harmful impact of the global fashion industry on the environment. The company launched with its high-top and low-cut canvas sneakers, which are made from sustainable, ethically-sourced and produced materials, and are manufactured by fair-trade workers, in a 100% vegan manufacturing facility, in Brazil.