Total amount raised
$83.3 Millions
Latest funding date
09/01/2023
Location
Cotopaxi has successfully raised significant funding through multiple rounds, with notable investors including Bain Capital Double Impact Fund and Revolution. The company is dedicated to social good, channeling 1% of its annual revenue to the Cotopaxi Foundation, a nonprofit organization focused on community impact.
Keep reading to explore the intricacies of Cotopaxi's fundraising journey and the investors backing this mission-driven outdoor brand.
What Is Cotopaxi?
Cotopaxi, founded in April 2014, is an outdoor gear and apparel company based in Salt Lake City, Utah. The company was established by Chad Whittaker, Davis Smith, and Stephan Jacob. It operates with a strong humanitarian mission, aiming to eradicate extreme poverty through various initiatives.
With a workforce of 251-500 employees, Cotopaxi is known for its direct-to-consumer model and commitment to social impact. The company donates 1% of its annual revenue to the Cotopaxi Foundation, supporting education, clean water, and health projects in impoverished regions. Their products are designed with sustainability in mind, often using deadstock fabric to create unique items.
How Much Funding Has Cotopaxi Raised?
- Round Name: Seed Round
- Amount Raised: $3M
- Date: July 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and establish its initial product line.
- Round Name: Series A
- Amount Raised: $6.5M
- Date: March 2015
- Lead Investors: Greycroft
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Round Name: Convertible Note
- Amount Raised: Not publicly disclosed
- Date: December 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational needs.
- Round Name: Venture Round
- Amount Raised: Not publicly disclosed
- Date: June 2016
- Lead Investors: M3 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product development and market reach.
- Round Name: Venture Round
- Amount Raised: $1.5M
- Date: October 2016
- Lead Investors: Campfire Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand retail presence and increase brand visibility.
- Round Name: Series B
- Amount Raised: $11M
- Date: February 2017
- Lead Investors: Ridgeline Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product innovation.
- Round Name: Seed Round
- Amount Raised: $100K
- Date: February 2018
- Lead Investors: Revolution’s Rise of the Rest Seed Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and product development.
- Round Name: Series B
- Amount Raised: $10M
- Date: August 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and product lines.
- Round Name: Series C
- Amount Raised: $45M
- Date: September 2021
- Lead Investors: Bain Capital Double Impact Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings, add retail stores, and enter international markets.
- Round Name: Venture Round
- Amount Raised: $6.1M
- Date: September 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support global growth and sustainability efforts.
Total Amount Raised: $83.2M. Current Valuation: Not publicly disclosed.
Key Investors
- Bain Capital Double Impact Fund
- Details: Bain Capital Double Impact is the impact investing strategy of Bain Capital, focusing on investments that generate financial returns alongside measurable social and environmental impact.
- Investment Focus Areas: Health & wellness, education & workforce development, sustainability.
- Notable Investments: Not publicly disclosed.
- Revolution’s Rise of the Rest Seed Fund
- Details: Revolution’s Rise of the Rest Seed Fund is a venture capital fund that invests in startups outside of major tech hubs, aiming to support entrepreneurial ecosystems across the United States.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Not publicly disclosed.
- Ridgeline Ventures
- Details: Ridgeline Ventures is a venture capital firm that invests in early-stage consumer brands, focusing on companies that offer innovative products and have strong growth potential.
- Investment Focus Areas: Consumer products, food & beverage, wellness.
- Notable Investments: Not publicly disclosed.
- Campfire Capital
- Details: Campfire Capital is a venture capital firm that invests in early-stage retail and consumer brands, supporting companies that are redefining the retail experience.
- Investment Focus Areas: Retail, consumer products, e-commerce.
- Notable Investments: Not publicly disclosed.
- Greycroft
- Details: Greycroft is a venture capital firm that invests in early and growth-stage companies across various sectors, with a focus on technology and media.
- Investment Focus Areas: Technology, media, consumer products.
- Notable Investments: Not publicly disclosed.
What's Next for Cotopaxi?
With a significant investment from Bain Capital Double Impact, Cotopaxi is poised to accelerate its global omnichannel and experiential retail strategy. This opportunity is vast, with plans to expand into international markets such as Europe, Japan, and Australia, and to enhance sustainable product development. The $45 million funding will also support the company's mission to address poverty and support community development.
Future fundraising opportunities appear promising, as the involvement of Bain Capital Double Impact suggests potential for further investments and collaborations. This could help Cotopaxi scale its operations and continue its mission-driven initiatives. However, challenges lie ahead, including maintaining sustainable practices while scaling up, navigating international market complexities, and ensuring the effectiveness of poverty alleviation efforts.
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