Product repairs platform The Cobblers secures $8M funding

YarnsandFibers News Bureau 2022-05-10 09:28:37 – USA

The Cobblers, a Miami-based digital firm that offers a one-of-a-kind marketplace for restoring leather items, has secured US$8 million in seed funding.

Fil Rouge Capital led the investment, which was joined by EZCORP, Inc., a prominent supplier of pawn transactions in the United States and Latin America, and Michael Karp, Chairman and Co-Founder of Hotwire Communications. This round is also supported by K20 and Diaspora Ventures. The funds will be used to improve the marketplace's IT platform, increase the number of craftsmen, boost marketing expenditure, expand regionally, and widen the service offering.

By giving leather repair artists the option to create or develop their companies on The Cobblers marketplace, The Cobblers has established itself as a major pioneer in Fash-Tech. In addition to a typical direct-to-consumer offering, The Cobblers collaborates with many of the world's greatest luxury brands and department shops to provide world-class repair services to their clients. The end result is improved economics for artisans, increased availability of leather restoration services for consumers across the United States, vastly improved – and digitized – customer experience and turn-around time, and, most importantly, reduced environmental waste by extending the life of a variety of products.

Warren Barthes, Founder of The Cobblers, said that the money supports their plan and will help them to continue increasing their product and dedication to their clients and the artisan community. Each of the new investors brings something unique to The Cobblers, and they look forward to tapping into their experience and new business potential. In part because of Mayor Suarez's efforts, Miami has become a hub of innovation and technology, and The Cobblers will both contribute to and profit from that.

Mr. Barthes is a seasoned entrepreneur who started and sold many businesses, including Next Wireless Group in 2018 to Brightstar Corp., a unit of investing behemoth SoftBank (SFTBY).

Mayor Francis Suarez, said that the Cobblers success story exemplifies what the Miami Movement is all about: a Miami-based firm that combines artistry and technology so that more craftsmen may give their skills to clients in an efficient, stylish and environmentally conscientious manner. He is excited to watch how this firm develops and leads the way in the new circular, technology-based economy that they are shifting to.

The Cobblers is an excellent example of a Miami-based firm solving an issue, in this case in the fashion and retail industries.

Julien Coustaury, Founding Partner of Fil Rouge Capital, said that they’re very happy to lead this investment round. As they move to the future, firms that promote sustainability are crucial, and they believe The Cobblers' management team is establishing a competitive and unique service inside the circular economy with great upside. In addition, Their investment has provided for a European headquarters in Croatia as well as the platform for expansion in other areas.

Lachie Given, Chief Executive officer of EZCORP, added that this is an interesting strategic investment for EZCORP. They look forward to forming a successful operational collaboration with The Cobblers that will increase the value of particular items in their shops while also driving their common commitment to ESG and the circular economy.

The Cobblers now operates in the United States but plans to expand to Canada, Europe, Oceania, and Asia in the near future.

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