US-based apparel producer and retailer Outdoor Voices secured $34m on Tuesday in a series C round led by GV, the early-stage investment arm of diversified conglomerate Alphabet, CNBC has reported.
The round also featured Millard Drexler, according to TechCrunch. Drexler led a $9m investment in the company in August 2017 that consisted of debt financing and options, alongside fellow private investor Walter Robb and Outdoor Voices’ lead manufacturer, which was not disclosed.
Founded in 2012, Outdoor Voices produces running gear for women and men, including leggings, bras, sweatshirts, t-shirts and jackets. The products are sold through an online store and in physical locations.
The company currently operates seven stores across the states of California, Colorado, New York and Texas. The funding will support the addition of five more outlets by the end of 2018.
Outdoor Voices’ long-term ambitions involve the opening of stores in all 50 US states. The cash will also enable it to add new product categories geared toward exercises other than running.
Venture capital firm General Catalyst led the company’s $1.1m seed round in April 2015, investing alongside Red Sea Ventures, Collaborative Fund, SWTLF Ventures and Burch Creative Capital.
General Catalyst also led Outdoor Voices’ $7m series A round six months later, with commitments from Forerunner Ventures, Collaborative Fund and 14W, as well as a $13m series B round in 2016, with participation from assorted angel investors.
– Image courtesy of Outdoor Voices.