Medical apparel company FIGS has generated $65 million in investment round from Tulco, bringing total funding to $75 million. Founded in 2013 by Heather Hasson and Trina Spear, FIGS is transforming the healthcare experience by creating the highest quality medical apparel and developing an unprecedented, branded ecommerce platform for medical professionals.
The $50 billion medical apparel industry is dominated by low end suppliers that sell in bulk to brick and mortar retailers. Disrupting an antiquated market might sound like an easy feat, but as co-CEO and co-founder Heather Hasson points out, "We're not just changing an antiquated industry, we're changing purchasing behaviours that have been ingrained in this community for over a hundred years. That has never been done."
To do this well, FIGS lets data lead the way. Utilising technology to make personalised digital relationships with their consumers was key to their success. Since their last round of funding in 2016, the business has grown by more than 10X. "We have no plans to slow down," says Hasson. "We're using predictive data analytics and machine learning to connect with our community and bring them more of what they want."
This new round of funding will be used for advancements in technology, customisation and to buy out existing investors. The infusion of capital will also speed up the company's existing pipeline, which includes international expansion. "International is the logical next step for our brand, which already has demand and clientele outside the US," says Hasson.
It's also one of the reasons Tulco was eager to invest in the business. "Data analytics, machine learning and artificial intelligence are helping to transform traditional industries. FIGS is using these tools to reimagine the workwear category and we couldn't be happier with the results," says Thomas Tull, Tulco founder and CEO. Tulco is now the sole outside investor in FIGS. (SV)
Fibre2Fashion News Desk – India