DTRT Apparel Ltd, an Accra, Ghana-based clothing manufacturer, received a major investment from Verod Capital Management and Red Bull GmbH.
The amount of the deal was not disclosed.
The company intends to use the funds to expand its production capacity.
Founded in 2013 by Marc Hansult and Skip Richmond in a joint venture with a renowned Ghanaian fashion entrepreneur, Mrs. Salma Salifu, Managing Director of Dignity DTRT, the company’s manufacturing partner, DTRT Apparel is an apparel manufacturer and exporter which employs over 2,000 staff, mostly women, at its facility in Accra.
The company, which has a large base of customers that can drive sales north of $100M in a few years, procures textiles from Asia and exports primarily to the EU and US markets, benefitting from a global network spanning three continents and trade arrangements between the US/EU and Ghana.
DTRT has a Gold-level Certificate from the Worldwide Responsible Accredited Production (WRAP) organization and works with suppliers to produce a polyester fabric that requires 80% less water for dyeing than the traditional fabric-dyeing process..
Hansult and Richmond were the former COO and CFO for a Hong-Kong based apparel company with over $100M in revenues.
Following the deal, Red Bull will be an anchor customer for DTRT while the company will be a part of Red Bull’s global apparel sourcing operations.