Stio Raises $20M in Capital to Accelerate Omnichannel Growth
May 8, 2023
Led by LAGO Innovation Fund, funding support comes as Stio doubles Mountain Studio® retail locations and boosts wholesale growth
JACKSON, Wyo. (May 8, 2023)/OUTDOOR SPORTSWIRE/ – Stio, the mountain lifestyle brand headquartered in Jackson Hole, Wyoming, today announced it has raised $20M in growth capital to support new Mountain Studio® retail locations, future product category development and a pivot towards a more diversified omnichannel approach. Led by LAGO Innovation Fund, a leading provider of growth capital to the innovation economy, the debt-equity raise comes ahead of an anticipated milestone year for the mountain town brand, which is poised to exceed $100M in gross revenue.
Over the past ten years of operations, the outdoor lifestyle and technical apparel leader has boasted a compounded annual growth rate of nearly 50% and in the past year alone, Stio has doubled its Mountain Studio® retail locations, with nine stores in total. The brand’s retail channel now encompasses a coast-to-coast reach with its latest storefront openings in South Lake Tahoe, California and Boston, Massachusetts. Stio will open its 10th Mountain Studio location in Bozeman, Montana in October 2023.
To further complement its e-commerce and retail businesses, Stio is also expanding its wholesale footprint. Staying true to its authenticity, Stio will continue to focus on expanding availability of its products through specialty outdoor and ski retailers before considering the larger retail chains.
“Expanding our reach and entering into new categories is a direct outcome of listening to our customers,” said Stephen Sullivan, Founder and CEO of Stio. “We’ve been humbly serving the outdoor community for eleven years now and while the industry has changed a great deal over that time, we have stayed true to our core values and remain an authentic choice. Our mission to create apparel and accessories, designed and developed in Jackson Hole, has now resonated from the mountains to main street, and we are incredibly excited to partner with the great team at LAGO Innovation Fund to help further propel our growth.”
“Stephen Sullivan and the world-class team he has assembled in Jackson Hole live and work at ground-zero for serious mountain lifestyle pursuits. Their direct knowledge of the technical needs required to conquer the unforgiving elements creates a brand with an unparalleled authenticity grounded in uncompromising quality and craftsmanship that resonates with the next generation of outdoor enthusiasts,” said Tim Gottfried, Co-Founder and Managing Partner at LAGO Innovation Fund. “We recognized right away that Stio would fit extremely well into our selective portfolio of disruptive consumer brands and were pleased to be given the opportunity to demonstrate LAGO’s ability to provide a comprehensive solution of both debt and equity capital to help accelerate their growth. We are extremely excited to partner with Stephen and the entire Stio team to help introduce this incredible brand to a wider audience.”
Stio’s award-winning collection of technical and premium products continues to advance in product categories, technology and sustainability. For the current season, the brand is reinvesting into its highly successful shoe launch this past winter with the release of eight new styles this spring and plans to debut an all-new freeride line with the launch of its Figment Collection this upcoming fall/winter.
Headquartered in the heart of the Tetons in Jackson Hole, Wyoming, Stio® was founded to inspire balanced living in connection with nature. Time spent on trails, in rivers and on summits inspires their beautiful, functional outdoor apparel, footwear, and accessories. Their progressive, premium products are designed to meet the demands of the epic and everyday moments of outdoor life and can be found at stio.com, in their catalogs and at the Stio Mountain Studio® retail stores in Jackson and Teton Village, Wyoming; Bend, Oregon; Boise, Idaho; Boulder, Colorado; Freeport, Maine; Park City, Utah; Boston, Massachusetts; South Lake Tahoe, California; and coming soon to Bozeman, Montana.
About LAGO Innovation Fund
LAGO Innovation Fund supports the founders and investors of high-growth disruptive companies through bespoke, term loan credit facilities and equity co-investments. LAGO typically provides $3-$30MM of capital to fuel the growth of emerging leaders in diverse sectors such as enterprise software, fintech, eCommerce, food and beverage, gaming, health + wellness, online marketplaces and need-based consumer products. LAGO structures its founder-friendly investments to provide incremental, longer-term investable capital to drive market penetration and ultimately the value of the enterprise. For more information, please visit https://lagoinnovation.com/.