Canadian venture capital firm Campfire Capital recently led the $5 million Series A financing of FIGS, a Los Angeles-based medical apparel company. Founded in 2013, FIGS provides premium technical apparel via an e-commerce platform to the medical scrubs industry. It said funds raised will help increase inventory to meet demand, expand new product categories, and scale its team. FIGS has previously received funding from U.S. investors, including Mohr Davidow Ventures, Irving Place Capital and 500 Startups. Campfire was founded in 2014 with the support of current and former Lululemon executives and other backers to invest in retail technology startups.
Campfire Capital Leads Series A Financing for FIGS, a Medical Apparel Startup Disrupting $9B Market
VANCOUVER, BC (PRWEB) MAY 05, 2016
Campfire Capital, a venture capital group with a differentiated model of providing financing combined with access to its renowned group of North American consumer and retail experts, announced today it is leading a $5 million Series A round for purpose-led medical apparel startup FIGS.
FIGS will join Campfire’s growing list of portfolio companies, including Montreal-based menswear retailer Frank & Oak and San Francisco-based food tech startup Juicero, who launched the world’s first at-home, cold-press juicing system last month.
Christine Day, Partner at Campfire, current CEO of Luvo and ex-CEO of lululemon said: “In addition to capital, what entrepreneurs really need is access to the broad expertise required to build a successful retail business. We see a tremendous opportunity to leverage Campfire’s collective experience and relationships to further brand and scale FIGS to transform this $9 billion unbranded industry.”
Founded in 2013 by Heather Hasson and Trina Spear, Los Angeles-based FIGS identified a need for alternatives to currently available products in the medical scrubs industry, the bulk of which were made up of inexpensive, low quality, poorly branded styles sold through unappealing third-party merchandise channels, on and offline.
“Medical professionals – doctors, nurses, dentists, vets, technicians – have to purchase multiple uniforms so they can go to work and perform well in their jobs. This experience has been a largely underwhelming one so far, and we’re changing that,” said Heather Hasson, co-founder of FIGS. “By leading with a strong mission that’s ingrained into everything we do, we’re offering a superior experience through a high quality and functional product. We’re doing for scrubs what lululemon did for yoga wear.”
By offering premium technical apparel that meets the demands of 14+ hour days spent in motion and contact with colleagues and patients alike, Hasson and Spear are intent on revolutionizing the industry. Their fashion-forward designs are constructed from wrinkle resistant, stain repellent fabrics that are supremely soft to the touch, lightweight, and breathable. Multiple pockets function to carry medical supplies, four-way stretch supports a wide range of movement, and anti-microbial treatments reduce the rate of hospital-acquired infection.
“We’re thrilled to enter this next phase of growth alongside Campfire,” said Trina Spear, co-founder of FIGS. “It’s been wonderful to align with a group who brings not only capital, but shares an unparalleled breadth of industry expertise and networks.”
FIGS has raised $10 million in funding to date. The Series A capital will be used to increase inventory to meet demand, explore and expand new product categories, and scale its team.
Photo courtesy of FIGS