Cotopaxi Secures Growth Investment Led by Bain Capital Double Impact
Funding to Accelerate Global Omnichannel and Experiential Retail Strategy, Enhance Sustainable Product Development, and Impact Meaningful Change
SALT LAKE CITY, Sept. 8, 2021 /PRNewswire/ -- Cotopaxi, an outdoor gear and apparel brand and Benefit Corporation, today announced that it has secured funding led by Bain Capital Double Impact, the impact investing strategy of Bain Capital. The investment will propel Cotopaxi's global growth, sustainable products strategy, and impact on addressing poverty and supporting community development. As a part of this round of investment, Cotopaxi is adding Cecilia Chao of Bain Capital Double Impact to its Board of Directors.
Cotopaxi was founded in 2014 with a mission to create sustainably designed outdoor products and experiences that inspire adventure while also leading people to do good by helping fund poverty relief efforts. Cotopaxi products are sold at select outdoor gear and apparel retailers across the country, including REI, Moosejaw, MEC, Backcountry and the Company's own website and retail stores.
"We are just getting started in the growth of this brand, and together with Bain Capital Double Impact, we will continue to prove that business can be a vehicle for positively impacting people, the planet, and our communities," said Davis Smith, co-founder and CEO of Cotopaxi. "Like Cotopaxi, Bain Capital Double Impact leads with their values and commitment to sustainability, and we could not be more excited to collaborate with one of the most respected investors in the impact space to advance a shared vision."
As an extension of its mission-driven commitment, the Cotopaxi Foundation awards grants to outstanding nonprofit partners who are carefully selected for their track records at improving the human condition and alleviating poverty. To date, the foundation has touched over 3 million people experiencing poverty through proven methods of effective giving. Throughout the pandemic, the Cotopaxi Foundation has awarded 36 focused grants, assisted over 822,000 impoverished individuals, received over 10,000 customer contributions, and donated masks to over 110,000 people.
"Cotopaxi is setting industry standards for mission-driven brands by integrating 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," said Chao. "Their customers, retailers, employees, and non-profit partners have incredible affinity for the brand, and we are thrilled to partner with Cotopaxi to scale its reach and impact by accelerating its global omnichannel and experiential retail strategy while strengthening their sustainability mission and efforts to address poverty."
Cotopaxi is certified as a B Corporation, Climate Neutral company, and a 1% Pledge member. The company seeks to address the harmful environmental practices in the fashion industry by incorporating recycled compounds into 94% of its products and establishing best-in-class manufacturing, labor, and supply chain standards to diminish waste.