Home / Knowledge / News / Apparel/Garments / FIGS generates $65 million investment
FIGS generates $65 million investment
28
Jan '18
Courtesy: FIGS
Courtesy: FIGS
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


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 20th Feb 2020

Bangla garment accessories sector may lose Tk 1500 cr

Bangladesh's garments accessories and packaging sector may incur a...

Pic: Shutterstock

Textiles | On 20th Feb 2020

CV outbreak lowered China's cotton consumption: USDA

The novel coronavirus (CV) outbreak and its potential ramifications...

Pic: freemind-production / Shutterstock.com

Retail | On 20th Feb 2020

Authentic Brands announces acquisition of Forever 21

Authentic Brands Group (ABG), a global brand development, marketing,...

Interviews View All

Nitin Soni, Dolphin Jingwei Machines

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Cindy McNaull, Cordura

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Laksheeta Govil,

Laksheeta Govil

Founded in 2014, Fizzy Goblet is a Delhi / NCR based handcrafted leather...

Ken Butts,

Ken Butts

The mission of Swiss company Datacolor is to empower its customers to make ...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search