LOS ANGELES--(BUSINESS WIRE)--Psudo Inc. (the “Company” or “Psudo”), the made in the U.S.A. sneaker startup, announced that it recently completed a $3M seed financing round managed by SternAegis Ventures, who acted as placement agent. Founded in 2020, by husband and wife duo Michael and Kortney Rich, LA-based Psudo is hacking the $70B+ sneaker market with its ethical, small-batch, and on-demand sneaker manufacturing process.
Created using REPREVE yarn made from recycled water bottles, Psudo’s sustainable sneakers are of slip-on construction with printed laces and are designed using 3D sublimation printing to create unique prints and fun patterns. By creating a way to manufacture shoes on demand, the brand plans to establish a new and innovative standard for sustainable manufacturing.
Psudo is committed to creating the world’s most eco-friendly sneaker by 2023 with the goal to alleviate the pressure on our waste management systems by creating products from reclaimed materials that withstand the test of time. For every Psudo sneaker produced, 7.2 single-use plastic bottles are saved from entering the world's oceans and landfills.
“Creating a lifestyle sneaker company with a mission and values that people can believe in is the dream. I’ve spent decades in the shoe-making business, from design and engineering to manufacturing and distribution, and sneakers are among the toughest items to produce locally and sustainably. We’ve taken our industry knowledge and experience and created Psudo with the goal to reinvent and innovate the sneaker industry,” said Michael Rich, co-founder, and CEO of Psudo. “We’re thrilled that the SternAegis Ventures team believes in our mission to create the most sustainable sneaker on the planet. This investment will lead to more incredible designs and collaborations for our product lineup and we’re so excited to bring this next generation of Psudo to our consumers.”
The funding will allow Psudo to scale by investing in its product pipeline and distribution channels, including wholesale, its sustainable supply chain, and omnichannel marketing strategy. This raise comes as the brand continues to experience growing demand from individuals who are looking for quality, sustainability, affordability, and transparency in the sneaker industry.
Adam Stern, CEO of SternAegis Ventures commented; “Psudo is a disruptive, hi-tech, made in the U.S.A. sneaker label that has simplified sneaker manufacturing and combined it with sustainability, comfort and style. At SternAegis Ventures, we’re excited to partner with Michael and Kortney, and the team at Psudo as their unique business model attempts to revolutionize the sneaker industry.”
Psudo sneakers offer anatomical foot support making them super comfortable and the perfect pair of “running around” shoes. Their simple construction and printed designs greatly reduce the carbon footprint of traditional sneaker production, while offering consumers a myriad of options. Psudo sneakers typically take 8 weeks from ideation to execution and are offered in 2 sneaker silhouettes for men and 3 for women, in a variety of colorful designs.
All Psudo sneakers are 100% made and sourced in the U.S.A., slip, water and oil-resistant, sweat-wicking, anti-microbial, machine washable, and above all, comfortable. For more information on Psudo, visit psudo.com or follow on Instagram @shoppsudo.
ABOUT PSUDO
Founded in 2020 by industry veterans Michael and Kortney Rich, LA-based Psudo is hacking the $70B+ sneaker market with its ethical, small-batch, and on-demand sneaker manufacturing process. Made from recycled water bottles and designed using sublimation printing with zero-waste, Psudo plans to solve the decades-old sustainability issue within the footwear industry. For every Psudo sneaker produced, 7.2 single-use plastic bottles are saved from entering the world's oceans and landfills. To date, Psudo has been able to divert over 61,000 bottles and counting.
ABOUT STERNAEGIS VENTURES
SternAegis Ventures is the Private Equity Investment Banking Division of Aegis Capital Corp. SternAegis partners with entrepreneurs and early-stage companies to bring ideas to life, endeavoring to create brands with long-term investment value. SternAegis attempts to identify ‘the next big idea’, and then endeavors to add value through its expertise in among other things capital formation and the introduction of strategic relationships.
For additional information, please visit: www.sternaegis.com
FORWARD-LOOKING STATEMENTS
Some of the statements made in this press release constitute forward-looking statements. These statements relate to future financial and other performance or anticipated plans and are identified by words such as “may,” “will,” “should,” “expect,” “could,” “scheduled,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “potential,” “propose” and “continue” or negative variants of such terms. You should read these statements carefully because they discuss the Company’s future expectations and plans. The Company believes that it is important to communicate these expectations and plans to you; however, these statements are only estimates of future performance. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it reasonably believes may affect its business, financial condition, and results of operations. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in these forward-looking statements may not be achieved or occur and actual performance or events may not meet such expectations or estimates and may, in fact, differ materially from those projected in the forward-looking statements. Although the Company believes that the expectations reflected in the forward- looking statements made herein are reasonable, neither the Company nor its representatives guarantee future results, levels of activity, performance, or achievements. The Company does not plan and, subject to applicable law, undertakes no obligation to update any of the forward-looking statements made herein after the date of this press release.
