Jan 7, 2020
Summersalt Raises $17.3M Series B To Fuel Expansion
ST. LOUIS, Dec. 20...
ST. LOUIS, Dec. 20, 2019 /PRNewswire/ -- Summersalt, the St. Louis based direct-to-consumer travelwear brand is announcing today that it has raised a $17.3M Series B, led by Mercato Partners, with plans to expand into additional apparel categories following the brand's overwhelming success in the swimwear category and recent travelwear launch. Additional participants in the round include Founders Fund, Lewis and Clark Ventures, Revolution's Rise of the Rest Seed Fund, and Victress Capital. This round brings Summersalt's total funding to $26M.
Summersalt launched in May 2017, and has quickly become the fastest growing and most disruptive brand in the swimwear industry. Since day one, Summersalt has shaken up the over saturated, wholesale dominated swimwear market by offering high quality, size-inclusive and eco-friendly swimwear without the designer price tag.
Most recently the Summersalt debuted its highly-anticipated apparel collection, which focused on travel essentials such as cashmere sets, packable jackets and wrinkle-free pants. This expansion marked a pivotal moment for the brand and came at a strategic time in their growth trajectory. With millions of customers coming to their site to purchase a swimsuit for a vacation, Summersalt capitalized on the opportunity with their expansion into travel-friendly apparel and accessories.
"We are building a generation defining travel brand that goes beyond swimwear and apparel to create a community of curious women who love to explore. Our unparalleled experience in apparel, deep supply chain expertise and fit-technology will be at the foundation as we continue to scale and build a brand with highly profitable unit economics," said Lori Coulter, Co-Founder, CEO and President.
With this latest round of funding Summersalt plans to further establish themselves in the lifestyle and apparel category with the addition of quality, travel-friendly products at the most affordable price point possible. In addition to expanding into more products, Summersalt will focus on building out their travel content platform, The Forecast, to continue to build and inspire female travelers.
"From the moment we launched Summersalt our goal was to own every corner of our customer's suitcase and with this latest round of funding we are one step closer to this. We are thrilled to continue to establish ourselves as the destination for women who are traveling and continue to go above and beyond to deliver great products to our consumer," said Reshma Chattaram Chamberlin, Co-Founder, Chief Brand and Digital Officer.
"We could not be more thrilled with the opportunity to lead Summersalt's latest funding found, and partner with two passionate founders who have a clear vision, are mission driven and have a track record for accelerated performance. The product, brand, team and the incredible consumers make for a winning combination," said Joe Kaiser, Director of Mercato Partners.
Summersalt launched in May 2017 as the direct-to-consumer swimwear brand disrupting the industry with designer quality, eco-friendly suits for just $95. Summersalt achieved exceptional traction and quickly became known as the brand that encourages women to dive into life's adventures and experiences, and to be sexy on their own terms. However, swimwear was just the beginning. In late 2018, Summersalt expanded into owning every corner of the on-the-go woman's suitcase with comfortable, designer quality essentials designed to take the modern traveler from plane to pillow—and wherever adventure leads—in style and comfort. Most recently, Summersalt has expanded even further into the apparel market with cashmere sweaters, joggers and jackets.