Norwest Venture makes equity investment in Vuori
August 20, 2019 - United States Of America
Norwest Venture Partners has announced that it has made a growth equity investment in Vuori, a leading performance apparel brand based in California. Vuori is profitable and has experienced rapid growth since its founding in 2015. Jon Kossow, managing partner at Norwest, will join Vuori’s board of directors as part of this meaningful minority investment.
Vuori joins other consumer companies in Norwest’s portfolio including Birdies, Casper Sleep, Grove Collaborative, Jolyn, Kendra Scott, Madison Reed, and Topo Athletic, and aligns with the firm’s strategy of investing in direct-to-consumer and omni-channel brands. Norwest will secure a minority stake in Vuori as part of the deal, according to Vuori.
Joe Kudla, Vuori's founder and CEO, first saw the opportunity to launch the company while living in San Diego. A lifelong athlete, Kudla was engaging in outdoor fitness activities such as hiking, yoga, running, and mountain biking. Through his own experience, Kudla became aware of the massive vacancy for a brand that genuinely catered to the men’s athletic market.
In 2015, Kudla launched Vuori’s first collection of men’s athletic apparel that was designed to move and sweat in, but styled for everyday life. Thanks to Vuori’s innovative fabrics and sleek, eye-catching designs, Kudla and his team were soon in business with reputable retail partners including REI, Nordstrom, Equinox, and Core Power Yoga. Today, Vuori offers products for men and women alike, each item meticulously designed with a new perspective on performance apparel that seamlessly transitions from physical activity to leisure and beyond.
“As devoted customers, it was apparent to us that Vuori had built versatile products with tremendous energy and soul. This is exactly the type of positive brand experience we search for in our consumer investments, and we look forward to supporting Joe and the team as they continue to bring new products to market and delight their customers,” Jon Kossow, managing partner at Norwest said.
“Since launching Vuori, we’ve added so many incredible team members to our community, all of them completely aligned with our mission to deliver the best activewear in the market. From our employees, to our retail partners, to the folks who drop by our stores just to say hello, starting this business has been a team effort since day one. We are thrilled that our team is further expanding to include Norwest, and look forward to what our partnership will bring,” Joe Kudla, founder and CEO at Vuori said. (GK)