Arkk Copenhagen, a Denmark-based sneaker brand, has received a multimillion dollar Series A investment from Copenhagen-based Friheden Invest — backers of By Malene Birger and Tiger of Sweden — and North-East Venture — an firm established by the founding partners of the Pandora jewelry brand.
Terms of the investment were not disclosed but the funds will be used to expand the brand into the U.S., Canada, Australia and South Korea later this year, the company said.
Thomas Refdahl, Arkk’s chief executive officer, said the company had “hesitated” taking on investors out of fear that “we could be forced in the wrong direction, but here we received smart and engaging investment.”
The brand was launched in 2014 and is a minimalist brand for both men and women that is now available in 37 countries. In the U.S., it is sold on the company’s e-commerce site and shipped from a warehouse in this country.
“Arkk’s tight concept and high degree of distinctiveness in the product range, from pure performance-oriented sneaker rivals, yields an opportunistic market position,” said Niels Martinsen of Friheden Invest.
Current distribution channels include online and retail with outstanding international demand.
“Arkk Copenhagen today sells more than 90 percent of its sneakers abroad, so we estimate that the potential is large,” added Martin Lumbye, ceo of North-East Venture. “Their ambitious and talented team has already shown results we believe in. Nordic companies have international appeal for their approach to design, simplicity, clean lines, communication and user-friendliness toward customers.”
The company said it will enter the Canadian market in July and the U.S. market in the fall and the distribution model is being assessed.