Former Yeezy-Adidas Innovation Lab head Omar Bailey and Abhishek Som, a former Wall Street and private equity executive, have co-founded FCTRY LAb, a BIPOC-led, Los Angeles-based footwear prototyping lab and venture studio that aims “to democratize sneaker production and open-source innovation for emerging and established designers and brands of all sizes.” To do so, the young company combines cutting-edge additive manufacturing and 3D printing technologies (traditionally used in the aerospace and defense industries) with traditional knitting and shoe development processes.
To start the company on Dec. 15, FCTRY LAb launched fundraising that turned into the largest investment of 2022 in a black founder. The first tranche of $6 million was raised from a number of venture capital firms, top athletes and a variety of high-profile angel investors. Investors include the co-founder of Tinder (via Time Zero Capital), the co-founder of WeWork, the West Coast head of Warburg Pincus and a consortium of NBA and NFL stars via Chicago-based Aurelien Capital. Venture capital investments were led by Los Angeles-based, Pay-Pal-backed Slauson & Co, with additional investments from Relay Ventures, Elysian Park Ventures (the private investment arm of the Los Angeles Dodgers ownership group), Level One Fund and Fog City Capital, among others.
Bailey helped bridge the gap between innovative conceptual design and physically wearable footwear during Yeezy-Adidas’ $1 billion sales growth. He has more than 20 years of global product development and manufacturing experience as a design engineer. His other experience includes designing footwear for entertainers like Jay-Z and Lady Gaga, athletes like Karim Benzema, and working with culturally significant brands like Supreme, New Balance, K-Swiss and Timberland. Satyan Gohil, also a footwear prototyping and development veteran at Yeezy-Adidas, joined FCTRY LAb as head of innovation. In a short period of time, FCTRY LAb has already designed, prototyped and manufactured multiple footwear collections in collaboration with leading design and brand partners and a reigning Super Bowl winner.
To avoid the risks and delays of overseas supply chains, reducing product development time from 8-12 months to 1-3 months, the founders decided to keep the company in California. The new innovation lab will serve as a bridge between product development and high-volume manufacturing. FCTRY LAb has partnered with Stratasys Ltd. to use their advanced 3D printing technology, is making high technology accessible, and says it is working to create equity in an industry “where large sneaker corporations often make an overwhelming majority of profits off the creative power of minority designers, influencers and athletes.” Bailey and Som said they will employ ESG and sustainable development practices.
