Cairn, a subscription commerce company specializing in outdoor gear, said investments from Hydro Flask General Manager Scott Allan and the Cascade Angels Fund enabled it to raise $2 million in seed funding.
Cairn announced in mid-February that it had raised the first $1.7 million of the round from a small group of other investors.
“As a brand partner, I have experienced Cairn first-hand,” said Allan, who has joined Cairn’s board of directors. “The data they provide to brands greatly informs product development, marketing and innovation. At the same time, they are bringing together a unique community of consumers, all with a love of the outdoors.”
During Allan’s tenure, Hydro Flask more than quadrupled its sales in 2014, grew more than 50 percent in 2015 and was sold in March of this year for $210 million in cash, or nearly 12 times expected 2016 EBITDA to Helen of Troy.
Cairn marks the first investment for Cascade Angels 2016 fund.
“Cairn has grown from an idea to a growth business,” said Julie Harrelson of Cascade Angels, which is dedicated to creating opportunities for investors and businesses in and with connections to Central Oregon to drive economic growth and fuel prosperity. “Central Oregon has an opportunity to become an innovation hub for the outdoor industry. Cairn is a part of that ecosystem and a strategic investment for the fund.”
“Bend is our home and we are dedicated to growing our business here and continuing to energize the local ethos,” said Cairn Co-founder and CEO Rob Little. “Receiving funding and partnership from local business leaders like Scott Allan and the Cascade Angels Fund is really exciting. We are part of the innovation hub in Oregon and will continue to fuel this ecosystem.”
In 2015, Cairn was chosen among all development stage companies in Oregon as the winner of the Oregon Entrepreneurs Network Entrepreneurship Award.
Cairn, Hydro Flask and Cascade Angels Fund are all based in Bend, Ore.
