FIGS, a medical apparel startup in South Florida, received $5 million in Series A funding. The round of financing was led by Campfire Capital, a Vancouver-based venture capital group that funds companies that combine retail and technology in their innovations.
Founded in 2013 by Heather Hasson and Trina Spear, FIGS identified a need for alternatives to currently available products in the medical scrubs industry, the bulk of which were made up of low-quality, uncomfortable styles. Its fashion-forward designs are antimicrobial, wrinkle resistant and made from lightweight, breathable fabric. FIGS' philanthropic 1-for-1 program, Threads for Threads, has donated 75,000 scrubs to in-need health care professionals across 26 countries. FIGS, an Endeavor company selected out of Miami last year, has operations in South Florida, where Spear is based, and Los Angeles.
FIGS has raised $10 million in funding to date. The new capital will be used to increase inventory to meet demand, explore and expand new product categories, and scale its team. About Campfire Capital, Spear said, “It's been wonderful to align with a group who brings not only capital, but shares an unparalleled breadth of industry expertise and networks.”
Christine Day, partner at Campfire, current CEO of Luvo and ex-CEO of lululemon, said: “In addition to capital, what entrepreneurs really need is access to the broad expertise required to build a successful retail business. We see a tremendous opportunity to leverage Campfire's collective experience and relationships to further brand and scale FIGS to transform this $9 billion unbranded industry.”
FIGS will join Campfire’s growing list of portfolio companies, including Montreal-based menswear retailer Frank & Oak and San Francisco-based food tech startup Juicero.
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