31 Mar Oofos Sees 82 Percent Year-Over-Year Sales Growth; Completes New Funding Round
Oofos recently completed a growth investment round of funding led by professional football quarterbacks Derek Carr and Alex Smith, and basketball coach Dawn Staley. The investment round comes just after multi-year ambassador and partner Carr announced his move from the Las Vegas Raiders to QB1 of the New Orleans Saints. Carr, Smith and Staley have been long-time supporters of the brand and loyal users of the product, and this investment round continues to showcase their confidence in Oofos as the leader in Active Recovery footwear.
As passionate Oofos wearers for many years and true believers in the benefits of the technology, Carr, Smith, and Staley have personally experienced the benefits first-hand and believe in the future of the Active Recovery footwear brand, which drives their dedication to its growth as investors. With the recovery footwear category overall up 19 percent, Oofos has far exceeded that benchmark, holding 73 percent of the market share.
Oofos feature OOfoam, a scientifically proven impact-absorbing foam technology, and are designed to accelerate recovery post-performance to help you feel better faster. OOfoam technology in conjunction with a patented footbed design, help absorb impact, reduce stress on the body and enhance mobility between training and games. Oofos have become an essential recovery tool for many high-performance athletes and artists including Boston goalie Jeremy Swayman, Olympic gold medalist Ashley Caldwell, Boston Ballet Principal Dancer Chyrstyn Fentroy and Emmy-nominated choreographer Chloe Arnold. They also serve the broader occupational market for hard-working, on-the-go workers like nurses, teachers, and chefs – helping them feel better and be at their best throughout the workday.
“I have been wearing Oofos for several years and have never had footwear maximize my recovery time while away from the field-of-play like Oofos,” says Carr. “I’m confident in the brand and its ability to get me to the next level in my sport, especially during my newest career move to New Orleans. I’m proud to invest in the company’s future for other athletes.”
Carr has prioritized recovery throughout his career to help aid in his performance on the field. Similarly, Alex Smith credits Oofos as a fundamental tool in his recovery after a spiral fracture of his leg in 2018.
“Oofos changes the lives of the people who rely on the brand, and I’m honored to be one of those people,” said Smith. “I’ve always been invested, but after years of seeing growth and the brand’s commitment to giving back, I’m more devoted than ever to seeing their message and products spread to a wider audience.”
In addition to Smith and Carr, basketball legend and head coach of the South Carolina Gamecocks, Dawn Staley, joined this recent round of investments. The Hall of Fame player attributes her success and current active lifestyle to daily training and subsequent recovery with Oofos as a necessary tool.
“I’m excited to be taking another step as a part of the Oofos team, and to help bring this product to more people,” said Staley. “I’ve been in the locker room and on the court as a player and coach, and both require constant commitment. I still work out every day and wouldn’t be able to maintain that routine and level of athleticism for so many years without Oofos. They’re truly life changing for people at any level.”
With these new investments, Oofos is positioned for continued growth and entered 2023 with tremendous momentum, having already seen 82 percent growth in revenue year over year. In recent months, they’ve built key partnerships to aid in their success, including Exos, DUPR, the Las Vegas Raiders, USA Gymnastics, and the US Ski & Snowboard team. As they expand, the brand has remained dedicated in their commitment to Project Pink, a breast cancer research and treatment initiative that began in support of one of the company’s first employees, Duncan Finigan, through her four-year battle with the illness and to keep her memory alive following her passing in 2019. To date, Oofos has donated more than $3.4M to Dana-Farber Cancer Institute to support the cause.
“Authentic partnerships and a commitment to improving the lives of others are at the heart of our brand,” said Steve Gallo, President of Oofos. “Derek, Alex and Dawn, are intrinsically aligned with our mission and values. Their work ethic, strength of character and their confidence in Oofos is what drives us to keep improving.”
Oofos recovery footwear features proprietary OOfoam technology, proven to absorb 37 percent more impact than traditional foam and combined with a patented footbed design, cradle the heel and arches for the optimal combination of soft and stable support. The upcoming OOmg Sport, an athlete-inspired design, is the newest release in the Oofos line up launching later this month. Built for post-game recovery, yet street-ready for any occasion, the OOmg Sport is designed on the proven foundation of OOfoam technology, with the midsole accentuated by a tapered sidewall paired with their unique 4-way stretch FibreFlex upper that forms to your every move. The full line of Oofos has received the APMA (American Podiatric Medical Association) Seal of Acceptance and delivers the greatest amount of breadth in the category, allowing anyone, of any occupation or active lifestyle to benefit from having Active Recovery as part of their everyday health, wellness and performance routine.
TM Capital acted as exclusive financial advisor and Boisseau & Dean served as legal advisor to Oofos in connection with the capital raise.