Altrec Inc., the outdoor specialty retailer that began online in 1999 and opened its first bricks-and-mortar store in 2011, raised $1.75 million earlier this month by selling debt and options, according to a document it filed with the Securities and Exchange Commission.
The filing, which is signed by co-founder and CEO Michael Morford, shows four investors purchased the securities May 5. Altrec had offered securities valued at $3.2 million.
While the filing does not disclose how Altrec intends to invest the proceeds, the company is currently recruting to fill several high level operational positions, including: manager of production information, management and taxonomy; marketing director for email, loyalty and promotions and a supply chain director with experience with major expansion of distribution center operations, including international expansion.
While Altrec is widely regarded within the industry as one of the more aggressive online retailers of specialty outdoor brands, its describes itself as an Internet retail & outdoors content company created for people who love the outdoors and need equipment, advice, information, services and inspiration in its job postings. We are the next-generation of e-commerce; a place to be inspired and entertained, to make travel plans and to connect with people worldwide who want to make the most of their time outside.