POINT 3 Basketball announced that it has closed its Series A investment round, led by angel investors from the apparel, sports, technology and finance industries, several of whom participated in POINT 3’s seed financing in 2010.
The seven-figure total investment will be used to further grow the company’s direct-to-consumer sales channels, expand the reach of the brand, and its ability to commercialize POINT 3 owned intellectual property. This investment also allows POINT 3 to secure a revolving credit line through Synovus Bank, which will fund manufacturing costs to supply the company’s passionate consumer base with an expanded product line.
“We are extremely excited at the response to this offering from the investment community,” said Michael Luscher, Founder & CEO of POINT 3. “We have seen demand accelerate quickly for our garments – now we are well-positioned to supply that demand and continue to innovate for the basketball player.”
POINT 3’s growth has been fueled by what many in the media have called “The World’s Best Basketball Shorts” – the first ever to include absorbent panels of fabric on the garment’s exterior, marketed under the Patent Pending DRYV Moisture Control.
With Series A investment now secured, POINT 3 will focus on integrating DRYV into several new styles set to release around the upcoming holiday season, and a new team uniform catalog which will launch in 2014.
POINT 3 Basketball is the only performance apparel brand dedicated to evolution in basketball gear. Founded in 2010, POINT 3’s exclusive focus on the on-court needs of the basketball player led to the development of DRYV Moisture Control, a Patent Pending textile technology designed to absorb moisture where ballplayers need it most.