Starfish Ventures has taken a stake in online footwear retailer, StyleTread. Starfish joins existing investors Lakestar, Nine Entertainment, and Adinvest to participate in the Company’s Series C financing of $12 million.

Based in Melbourne, Starfish Ventures is a venture capital firm with more than $400 million under management. The investment from Starfish, who will now hold a significant stake in the company, plus the increased investment by Nine Entertainment, means that StyleTread is now owned by a majority of Australian shareholders.

Founded by Mark Rowland and Bjorn Behrendt in late 2010 using incubation capital from Lakestar, StyleTread has grown to over 70 employees across its headquarters and warehousing operations at Sydney Olympic Park.

Rowland said the latest round of funding will allow the company to considerably expand its range of more than 60,000 shoes and 150 brands, as well as explore adjacent geographic markets and fashion segments.

“We are also looking forward to extend our strong relationship with Nine Entertainment, especially around media innovations merging TV, print, online and mobile advertising campaigns,” said Rowland,

Investment director at Starfish Ventures, Nick Peace, will join the board.

The site attracts more than 1 million visitors per month and has a 40 per cent repeat buyer rate. Inspired by the Zappos model around customer service.

Earlier this year, StyleTread introduced a 3-hour delivery within Sydney and will launch next-day delivery for the New Zealand market this week.