Bain Capital Double Impact Investment Announcement: An open letter from our CEO

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 signature

Davis Smith