Mission Athletecare raised $35 million of growth capital for organic and M&A expansion in its core cooling and heating categories. As part of the new investment, apparel industry icon, Hap Klopp, the founder and former CEO of The North Face has joined Mission's Board, further positioning it for record growth in 2015. Mission has grown more than 10 fold in the last five years, and is expected to achieve another year of double digit growth in 2015.
“In 2014, we achieved record sales as our products gained awareness and acceptance with athletes and active consumers alike. This capital raise, along with our recent executive hires, positions us to truly lead the development and expansion of the Thermoregulation category,” said CEO and founder Josh Shaw. “The demand for innovative, affordable and athlete-engineered products that enhance performance by regulating temperature has never been higher, and we are positioned like never before to meet that demand.”
“I am very pleased to join the leadership team of Mission, one of the most innovative and invigorating businesses with which I have ever been involved,” Klopp said. “The work they are doing to engage and assist consumers in vital areas like cooling, as well as the ways they are empowering and engaging some of the greatest athletes in the world, sets them apart and will make them a leader not just in sports, but in technology and innovation, well into the future.”
The capital raise, which was facilitated by Piper Jaffray, and led by Fremont Private Holdings and VO2 Partners will enable Mission to further accelerate its global growth. Fremont and V02 join existing investor Breakaway, and former Reebok CMO, Dennis Baldwin. Products are currently available at 15,000 retailers across the U.S., and expansion is underway to introduce the brand and portfolio in select international territories in 2015.
In less than three years, Mission has taken its EnduraCool line from a single product to a full category ranging from Instant Cooling Towels and Instant Cooling Skull Caps to Instant Cooling Sleeves and Instant Cooling Hats. Mission claims to be the leading brand in Thermoregulation, one of the fastest-growing categories in athlete wellness.
“As an athlete and a businesswoman, I am proud to have played a role in the growth of Mission from the very beginning,” 19-Time Grand Slam Champion and Mission Co-Founder Serena Williams added. “I have believed in the brand and products from day one and this latest milestone is yet another step towards building Mission into a global brand.”
Launched in 2009 by a group of elite, world class athletes including Dwyane Wade, Serena Williams, Reggie Bush, David Wright and others, Mission first unveiled its line of EnduraCool instant cooling towels in 2012, and has since expanded the line to cover a wide range of instant cooling gear and accessories.
