Cotopaxi announced that it has secured funding led by Bain Capital Double Impact, the impact investing strategy of Bain Capital.
The investment is to help Cotopaxi’s global growth, sustainable products strategy, address poverty, and support 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’s mission, since its founding in 2014, is to create sustainably designed outdoor products and experiences to inspire adventure and consumers to help fund poverty relief efforts. Its products are sold at select outdoor gear and apparel retailers in the U.S., including REI, Moosejaw, MEC, Backcountry, and on its website and owned 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, 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 nonprofit partners selected for a record of improving people’s lives and alleviating poverty.
“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 an 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 its sustainability mission and efforts to address poverty.”