Stio reported it raised $20 million in capital to support its Mountain Studio retail locations, future product category development and a pivot towards a more diversified omnichannel approach.
Led by Lago Innovation Fund, the debt-equity raise comes as the mountain town brand announced it is poised to exceed $100 million in gross revenue.
Stio said that over the past ten years, it has boasted a compounded annual growth rate of nearly 50 percent and, in the past year, has doubled its Mountain Studio retail locations, with nine stores in total. The brand’s retail channel now includes a coast-to-coast reach with its latest storefront openings in South Lake Tahoe, CA and Boston, MA. Stio also reported it would open its tenth Mountain Studio in Bozeman, MT in October 2023.
Stio Mountain Studio retail stores are located in Jackson and Teton Village, WY; Bend, OR; Boise, ID; Boulder, CO; Freeport, ME; Park City, UT; Boston, MA; South Lake Tahoe, CA; and the coming soon store in Bozeman, MT.
Stio also noted it had expanded its wholesale product availability through specialty outdoor and ski retailers before considering the larger retail chains.
“Expanding our reach and entering into new categories is a direct outcome of listening to our customers,” said Stephen Sullivan, founder and CEO of Stio. “We’ve been humbly serving the outdoor community for eleven years now, and while the industry has changed a great deal over that time, we have stayed true to our core values and remain an authentic choice. Our mission to create apparel and accessories, designed and developed in Jackson Hole, has now resonated from the mountains to main street, and we are incredibly excited to partner with the great team at LAGO Innovation Fund to help further propel our growth.”
“Stephen Sullivan and the world-class team he has assembled in Jackson Hole live and work at ground zero for serious mountain lifestyle pursuits. Their direct knowledge of the technical needs required to conquer the unforgiving elements creates a brand with an unparalleled authenticity grounded in uncompromising quality and craftsmanship that resonates with the next generation of outdoor enthusiasts,” said Tim Gottfried, co-founder and managing partner at Lago Innovation Fund. “We recognized right away that Stio would fit extremely well into our selective portfolio of disruptive consumer brands and were pleased to be given the opportunity to demonstrate Lago’s ability to provide a comprehensive solution of both debt and equity capital to help accelerate their growth. We are extremely excited to partner with Stephen and the entire Stio team to help introduce this incredible brand to a wider audience.”
