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September 10, 2021

Cotopaxi secures $45m to drive sustainable products

Outdoor gear and apparel brand Cotopaxi has secured US$45m in series C funding to help drive global growth, its sustainable products strategy, and impact on addressing poverty and supporting community development.

By Beth Wright

Cotopaxi said it has secured funding led by Bain Capital Double Impact, the impact investing strategy of Bain Capital. 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,” says 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.”

Chao adds: “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. 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.

 

 

 

 

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