Former Head of Yeezy-Adidas Innovation Lab Secures $6 Million in Funding to Launch Full-Service Sneaker Production Company

Omar Bailey, the former head of the Yeezy-Adidas Innovation Lab, is gearing up to launch BIPOC-led, L.A.-based footwear prototyping lab and venture studio FCTRY LAb with an initial $6 million tranche round of financing. According to the company, the funding comes from a diverse group of venture capital firms, top professional athletes and angel investors including 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 investment was led by the L.A.-based, Pay-Pal-backed, Slauson & Co, with additional investment from Relay Ventures, Elysian Park Ventures, Level One Fund and Fog City Capital among others, the company noted. Inside FCTRY LAb in Los Angeles. CREDIT: Courtesy of FCTRY Lab In an interview with FN, Bailey said the company will use the investment to finish building out the company’s lab in Los Angeles, which is slated to be fully operational by the beginning of January. “Our lab is not like other factories,” Bailey noted. “Think of it as a lounge meets lab meets Apple store. I want it to be a cool space where we can hang out as well as work.” Along with his

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