Cotopaxi raises $45m in Series C funding to drive sustainable products

YarnsandFibers News Bureau 2021-09-16 11:27:44 – USA

Outdoor gear and apparel brand Cotopaxi, has raised US$45 million in Series C funding to support global growth, its sustainable product strategy, and its influence on poverty alleviation and community development.

Cotopaxi announced that it has secured funding led by Bain Capital Double Impact, the impact investing strategy of Bain Capital. Cotopaxi has added Cecilia Chao of Bain Capital Double Impact to its board of directors as part of this round of funding.

Cotopaxi was formed in 2014 with the goal of creating environmentally-friendly outdoor products and experiences that excite adventure while simultaneously encouraging people to assist fund poverty relief projects. Cotopaxi items can be found at REI, Moosejaw, MEC, Backcountry, and the company's own website and retail locations across the country.

Davis Smith, Cotopaxi's co-founder, and CEO, said that they’re only getting started in the expansion of this brand, and together with Bain Capital Double Impact, they will continue to illustrate that business can be a vehicle for positively impacting people, the earth, and our communities. Like Cotopaxi, Bain Capital Double Impact leads with values and a dedication to sustainability, and they couldn't be more delighted to work with one of the most respected impact investors to achieve a shared vision.

Chao adds that Cotopaxi is setting industry standards for mission-driven brands by incorporating positive impact into every aspect of their business, from innovative designs and sustainable product development strategies to a commitment and culture of driving positive social and environmental outcomes. Customers, retailers, employees, and non-profit partners all have a strong affinity for the brand, and they're excited to work with Cotopaxi to expand its reach and impact by accelerating its global omnichannel and experiential retail strategy, as well as strengthening its sustainability mission and efforts to combat poverty.

Cotopaxi is certified as a B Corporation, a Climate Neutral company, and a member of the 1% Pledge. By mixing recycled materials into 94% of its goods and implementing best-in-class manufacturing, labor, and supply chain standards to reduce waste, the company hopes to solve the negative environmental practices in the fashion sector.

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