Village Family Capital Leads Round to Accelerate Product Expansion and Materials Development
BEND, Ore., Jan. 4, 2023 /PRNewswire/ — Puffin Drinkwear, makers of personality-infused apparel for your drink to wear, announced today a Series A round led by Village Family Capital and Jim Collis of Colfam Management. The company also announced new CFO Arianna Moore to join the Puffin Drinkwear team, bringing significant financial leadership experience with Private Equity backed companies. This growth investment will support Puffin Drinkwear as the company builds a global brand and commercializes innovative new products.
Since raising a SAFE Round in 2022, Puffin Drinkwear’s growth has accelerated rapidly. Over the last year, Puffin Drinkwear has increased annual recurring revenues by 53% while expanding its product offering with more than 50 new SKUs and updating its technology. The brand expanded its retail extension to Bass Pro Shop, Scheels, Cabela’s, Dillards, L.L. Bean, and Public Lands. In addition, the company also hired Scott Allan, former CEO of Hydro Flask and leader in the outdoor industry for 25 years, as interim CEO.
“Growing category-defining brands require strong capital backing, and thus we are excited to work with Village Family Capital and Colfam Management during this next stage for Puffin,” said interim CEO Scott Allan. “I look forward to seeing the brand live up to its potential going forward.”
“The Puffin team is proud of the rapid growth these past years powered by the special connection consumers have with these can coolers,” said Puffin Drinkwear Founder Tyrone Hazen. “They enable friends and families to come together over a drink and enjoy the outdoors and now beyond. Our mission has always been to spark joy and do good together, and this investment positions us to expand our product line, improve our service levels and expand our capabilities even further. We have never been more confident in our mission to bring people together.”
Puffin Drinkwear is releasing ‘Time to Chill,’ a Spring/Summer 2023 line comprised of all new silhouettes, including robes, polos, and jean jackets, expanding the brand’s presence in the travel and leisure category. “We recognize Puffin Drinkwear’s portfolio of truly innovative and quality products,” said Jake Kindrachuk of Village Family Capital. “They think through every inch of a product, down to the fabric yarns. Beyond that, we believe in their ambitious and compelling vision to spark joy over these genius and hilarious beverage jackets. We’re thrilled to support Puffin Drinkwear on its journey.”
Puffin Drinkwear launched in 2019 on a mission to do good and have fun together. The Bend-based company quickly gained traction online and in retail, now on shelves at over 4,000 stores throughout the United States and Canada. For more information, please visit puffindrinkwear.com or follow along on Instagram @puffndrinkwear.
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SOURCE Puffin Drinkwear
