Hyperlite Mountain Gear has raised equity capital from The Maine Venture Fund, Telluride Venture Fund and private investors and secured debt financing from its local bank to position the company for continued growth.
The Biddeford, ME maker of lightweight outdoor gear said it secured the loan from Biddeford Savings Bank.
We are thrilled to have closed our recent funding round and are very pleased to be working with the Maine Venture Fund, the Telluride Venture Fund and all of our other partners, noted Mike St. Pierre, CEO of Hyperlite Mountain Gear. We have been bootstrapping HMG for the past five years and while we have made great strides in our development, they have often been limited. This investment means that we will be able to accelerate our growth by further investing in marketing, product development and staffing. And we envision this acceleration to eventually position Hyperlite Mountain Gear as a one-stop-shop for high-tech ultralight gear regardless a users core outdoor activity.
HMGs mission is to be the “Leaders in Lightweight,” by embracing material technology innovations and a design shift to a simpler, more refined approach to how adventurers and enthusiasts explore the outdoors. Hyperlite Mountain Gear is committed to the exhaustive research and development that is required to make lightweight gear that is both highly durable and comfortable, thus contributing to increased enjoyment of outdoor sports.
Hyperlite Mountain Gear is a great example that hard-working creative people can build a business with a small but growing global reach by offering Maine manufactured products that are regarded as best in their class, says Tom Dunne. As one of several new Board members, it is exciting to be part of a group focused on helping HMG climb ever higher. And it has been a pleasure working with the Maine Venture Fund which played a pivotal role in bringing both new capital and new Board members to the company.
Hyperlite Mountain Gear had a successful 2013 completing the Telluride Venture Accelerator program and achieving both solid growth and national media coverage for its innovative products. The company is on track for a successful 2014 with highlights including impressive revenue growth and a relocation of their manufacturing facility to a larger, more modern space at Biddefords Pepperell Mill Campus.
The mission of the Maine Venture Fund is to provide resources to attract, support, and help develop eligible small businesses with the potential for substantial growth and success that will contribute to the prosperity of Maine.