Burlington, VT - FreshTracks Capital II, L.P. ("FreshTracks"), a Middlebury-based venture capital fund with primary interest in Vermont investments, announced that it has invested $400,000 in ISIS of Burlington. This is the first investment in FreshTracks' second fund. ISIS designs, produces and markets outdoor apparel which is made by women and made exclusively for women, with its product being carried by top national retailers including REI, Title IX, and Orvis. The transaction was structured to accelerate the sales and marketing efforts of ISIS, as the company executes the next phase of its growth strategy, and considers raising additional expansion capital.
"FreshTracks is very pleased to be able to accelerate ISIS' continued growth," said Cairn Cross, managing director of FreshTracks. "We have known and admired ISIS' management team and its investors including Maine based CEI Ventures and CEI Community Ventures for some time now, and had hoped that we would have the opportunity to invest in the business at a key inflexion point."
ISIS was first conceived in 1998 when the company's founders, Carolyn Cooke and Poppy Gall, rode up a chairlift together and discussed a line of technical outdoor apparel designed specifically for women. Cooke and Gall's shared vision was to make a difference in the lives of women by providing performance clothing that enhances the outdoor experience for women, while allowing them to look and feel great, whatever they do and wherever they go.
Cross noted, "Cooke and Gall already had 40 years of industry knowledge between them before founding ISIS. When I coached these two women for their presentation to the Vermont Investors Forum in 1999, I was impressed by the experiences each co-founder brought to the table, and I was enthusiastic about their prospects when they raised enough capital to get the business off the ground." Cooke's former experience includes time as a VP of Sales at Merrell/Karhu, while Gall had previously launched "Mountain Ladies and Ewe", a women's outdoor hat company that was successfully sold to Turtle Fur in the late 1990s. Cross continued, "The progress that ISIS has seen over the past 9 years has been impressive. The growth of their distribution network is tremendous, and the ISIS brand name often precedes the team throughout the industry. FreshTracks felt that ISIS' current status presented a timely investment opportunity as the company continues to expand its reach throughout the outdoor apparel market."
Carolyn Cooke, co-founder and CEO of ISIS said, "We appreciate the local funding and strategic support to expand our business provided by FreshTracks. It's nice to have access to local funds for growth and we look forward to working with FreshTracks."
ISIS is the first investment from FreshTracks II, the firm's second fund. FreshTracks has provided a broad spectrum of equity financing to growth companies across both of its funds, including:
·seed-stage financing provided to re-launch EatingWell, a food and nutrition media company located in Charlotte, VT
·early-stage financing for mophie, an open-source, consumer-driven product design company based in Burlington, VT
·later-stage financing for the going-private transaction of Vermont Teddy Bear, the direct-to-consumer business based in Shelburne, VT.
"FreshTracks is a primary source of equity financing for a number of Vermont growth companies," said Cross, "and our firm is enthusiastic about the prospects we are seeing in the market today. Many Vermont companies are looking to put equity capital to work to rapidly expand their businesses. Our second fund provides us with a timely opportunity to capitalize on many of these financings in 2007 and beyond."
About FreshTracks Capital II, L.P.
FreshTracks Capital II L.P. (www.freshtrackscap.com) is the second fund raised by FreshTracks Capital and is part of the Village Ventures nationwide network of venture capital funds. Since inception, FreshTracks Capital I invested in 14 portfolio companies, and ISIS represents FreshTracks II's first investment for the new portfolio. FreshTracks focuses its investment in private growth-oriented companies, primarily companies in close geographic proximity to Vermont.
About ISIS
ISIS designs, markets, produces and distributes a high quality product line of attractive, innovative and performance-oriented Outdoor apparel complemented by a line of fashionable casual wear. ISIS was founded in 1998 by Poppy Gall and Carolyn Cooke who rode a chairlift together and shaped a shared vision to create a line of technical outdoor apparel exclusively designed for women. Today, ISIS' product is sold in a number of high profile retail channels including REI, Title IX, and Orvis.
Carolyn Cooke and Poppy Gall, the co-founders of ISIS, have deep expertise in Outdoor apparel, with 40 years combined experience in the industry prior to founding ISIS. CEI Ventures and CEI Community Ventures have backed the company financially since 2001, and attracted new outside investors FreshTracks Capital in 2007 to continue the expansion of the company as it looks to capitalize on future growth opportunities. The company's capital structure is further supported by a line of credit from the Chittenden Bank, which carries a guarantee from the Vermont Economic Development Authority (VEDA).