Rhone, the men's activewear upstart, closed on a $5 million Series A financing with a number of prominent investors.
Investors included Steve Bornstein, former president, CEO and EVP of media for the NFL Network and CEO of ESPN; David Stern, NBA commissioner emeritus; Ryen Russillo, host of ESPN Radio's Russillo & Kanell; Shane Battier, former NBA player; and M3 Ventures, a newly formed investment fund managed by former CAA executive Martin Dolfi.
Prior to the new cash infusion, Rhone raised $1.2 million during a seed round in late 2013.
Rhone said that this fall the brand will be available in 20 Bloomingdale's, 15 Equinox, and two Nordstrom locations, as well as over 12 Core Power Yoga gyms and 20 additional gyms and specialty stores. The funding will be used to support research and development, increase distribution and marketing, enhance its e-commerce website, and double its headcount. It currently has 10 employees.
In addition, Rhone will expand into a 4,000 square-foot retail storefront and office in Stamford, CT by early next year. Rhone will also open a temporary retail space in Soho, NYC in October that will remain open through the holiday season.
Rhone’s founders – Kyle McClure, a former NCAA lacrosse player, and Nate Checketts, an ex-NFL employee are positioning the brand as a men’s performance apparel alternative to Lululemon. Rhone’s apparel stands out for its use of innovative materials, including incorporating SilverTech into fibers to create an odor-fighting, antimicrobial fabric.
