Figs, a US-based medical apparel producer backed by footwear brand Crocs, raised $65m from diversified holding company Tulco on Tuesday and will use the capital to buy out existing investors.
Founded in 2013, Figs designs and produces stylish, antimicrobial clothes for use in the medical profession, selling them through its online platform.
The clothes are also stain and wrinkle-resistant and lint free, and Figs uses predictive data analytics, artificial intelligence and machine learning to build customer relationships and assess the demand for future products.
Tulco’s investment, which took Figs’ total funding to $75m, will be used to buy out existing backers, and the companies said in a statement that Tulco is now Figs’ sole outside investor.
Crocs, which operates a Figs concession in its flagship New York store, took part in Figs’ $2m seed round in 2013 alongside Mohr Davidow Ventures, 500 Startups, Karlin Ventures and undisclosed additional investors.
Figs secured $5m in a mid-2016 series A round led by Campfire Capital and backed by Endeavor Catalyst. Its early investors also included JH Partners, Irving Place Capital, Raptor Ventures, Riverwood Capital and Suffolk Equity Partners.
Figs will also use the cash to upgrade its technology with a view to enhancing its customisation options, and intends to expand its business internationally, a move co-founder and co-CEO Heather Hassonpoints described as the next logical step for its brand.
– Photo courtesy of FIGS.