Cotopaxi, a Cottonwood Heights, UT-based Benefit Corporation outdoor gear and apparel company, closed a $6.5m Series A funding.
The round was led by Greycroft Partners, with participation from New Enterprise Associates, Forerunner Ventures, Lerer Hippeau Ventures, and angel investors Jeff Kearl and Josh James (Domo).
The company plans to use new funds to grow product offerings, launch new gear and apparel categories for customers as well as continue expanding their Questival* events into additional cities across the United States.
Launched 11 months ago by Davis Smith, CEO and co-founder, Cotopaxi is a direct-to-consumer, outdoor gear and apparel company focused on eradicating extreme poverty. It ties every piece of gear to a humanitarian cause in the world’s poorest countries such as child education or clean water while apparel is tied to health-related projects.
The products, available at www.cotopaxi.com, are manufactured in sweatshop-free factories that offer sustainable, equitable wages to the employees and adhere to strict fair labor practices.
*The Questival is a 24-hour adventure race that features physical and social challenges, and benefits local charities while teams compete to win international trips, sportswear, cash, and other prizes. More than 6,000 people have participated in the three Questivals to date.