Following the expansion of Upstep’s operations in 2021 in the US and a 100% increase in sales compared with 2020, the Israeli insoles company is initiating a process to raise $10 million from investors.
This is Upstep’s second round of funding. In 2021, the company raised about $2.5m.
“The purpose of the recruitment is to continue growth while integrating an optimization process, recruiting professional personnel, constantly improving the PPC system and establishing the most advanced production system in the world in the insole industry,” Upstep CEO Limor Katz said in a press release.
Upstep recently established a Big Data system of more than 100,000 customers’ feet in the US, and it intends to expand it to about 250,000 customers.
“The sales volume of Upstep insoles in the US in 2021 was over 80,000, and it is expected in 2022 to increase sales by 100%,” Upstep said.
The company recently established a second logistics center in the US in Nevada with an investment of approximately NIS 1.5m. The first was in New Jersey.
In the first quarter of 2022, following the operation of two logistics centers, Upstep reduced the product delivery times to customers by 25%, it said.
Upstep was established in 2017 after two and a half years of development research. Within three years of activity in the US market, Upstep became the No. 1 online medical authority in the US for the treatment of leg pain.
The firm is owned by siblings Limor Katz, Aviad Raz and Oren Raz.