To our supporters:
Today, I’m thrilled to announce the next step in Cotopaxi’s growth. We just secured funding led by Bain Capital Double Impact. When I founded this company seven years ago, my dream was to find a way to sustainably alleviate poverty at scale and to inspire others to join me in this movement. Seeing the growth and loyalty Cotopaxi has experienced is a dream come true. Our mission to fight extreme poverty matters, and I believe we’re just beginning to experience the impact we can have as we continue to grow this brand.
My childhood in Latin America exposed me to gaps in social equity that left an indelible mark and a deep sense of responsibility to use my life to address these injustices. Ultimately, this led to the founding of Cotopaxi with my co-founder and friend, Stephan Jacob. We saw an opportunity to start an approachable, inclusive, and sustainable outdoor brand that leads with social-first values.
What I’m most proud of is the fact that since our founding, we have assisted over 3 million people in extreme poverty through traceable and valid means. Every employee, supplier, and customer has invested in and contributed to those social returns. I want to take this moment to thank each of you for being part of this work. To scale the impact we want to achieve at Cotopaxi, we require additional partners and resources. So, our leadership team sought an active and experienced investor that aligned with our mission and values.
Today, we announce the formation of our partnership with Bain Capital’s award-winning Double Impact fund. The diversity of Double Impact’s guiding team as well as their approach to deep diligence and active ownership impressed me from the outset. As CEO, I wanted an investor partner and board members that were representative of the healthy and fair society we hope to support through our impact model. I also wanted reciprocal accountability around both business practices and corporate social responsibility. Double Impact provides those unique qualities.
Last year, Double Impact was named the Impact Investment Firm of the Year by Private Equity International. Cecilia Chao brings expertise in scaling consumer brands and in social impact that will strengthen our board and sharpen our decision making. She is a proven steward of capital who has generated real impact returns around the world. We welcome her presence on our board.
Beyond taking this moment to reflect on this pivotal moment in our company’s history, I want to challenge more brand owners and investors to come together in meaningful ways to tackle sustainable development. We all have a responsibility to others. I invite each and every one of you to act on your sense of humanity in optimistic and thoughtful ways.
With my sincere thanks,
Davis Smith
]]>EVIE: The Batac was designed to be a smaller version of the Allpa (our favorite travel backpack)—similar in shape but not in features. Designed to pack into a larger bag to be used once you reach your destination, it’s just as well-suited to outdoor adventures closer to home. It’s lightweight and packable, making it easy to carry and to be active with.
EVIE: A rough translation of Batac is "the people's pulling their efforts together" which we love because it really represents the ideology and process of the Del Día program. The Del Día program is truly a collaboration with our factory partner, and the amazing, one-of-a-kind colorways come from the employees of our factory partner showcasing their creativity.
EVIE: We loved that both of these products are at more accessible price points and can be great items to start out with when someone wants to start spending more time outside. Both products are also extremely versatile and can be used in a variety of environments, allowing the wearer to really choose their own adventure! We also loved how well the Torrent 2 took color and coordinated with the Batac.
EVIE: We added the striped artwork to the Batac inspired by the artwork on the Torrent 2. Because it’s Del Día, Batac is all about totally unique colorways—we leave it up to our sewers to choose what colors to include on each bag. That said, by adding a screen print, we were able to make it even more unique and tie it back to the footwear. In terms of color on the footwear, we found that we had a lot of overlap in our seasonal color palette with Hoka’s, and wanted to create something unique and colorful that would represent Cotopaxi’s design aesthetic.
EVIE: We really enjoyed working with the HOKA team! I’ve known one of their designers for some time and we were really excited to have this opportunity to work together and unite two brands that focus on making great product and getting people outdoors. We also got to work on this project in person at the HOKA offices (pre-COVID) and have a very collaborative and open ideation process with our design teams, which I find always leads to great ideas and relationships, as well as in great product.
EVIE: We at Cotopaxi are big fans of HOKA and their footwear! Many people on our team wear HOKA for road/trail running and hiking. It was really exciting to work on a project that complements our brand from both an end use (getting out into nature) perspective but that also supports inclusivity and diversity. And the HOKA team? They’re just a really great, fun team to work with.
]]>