Coolibar, Inc., a Minneapolis, Minnesota-based manufacturer and marketer of high quality sun protection products including sun protective clothes, sun hats, UltraViolet protection swimwear, sunglasses, and umbrellas, has raised $2,937,500 in Series E Preferred equity financing from Aethlon Capital.
The funds will be used for new customer acquisition, inventory purchases and initiating distribution channels domestically and overseas.
As stated by Donna Avery, CEO of Coolibar, “This funding will allow us to pursue key initiatives in brand development, product innovation, and sales growth”.
Commenting on the transaction, Sima Griffith, Managing Partner of Aethlon, said: “Coolibar has strong growth potential as a result of an aging population, increasing rates of skin cancer and the growing awareness of the harmful effects of UV rays.
“This entrepreneurial company now has the capital and strategic partners it needs to take advantage of its market opportunities”.