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HEX Performance Closes $5M Funding Round

2020-03-16
BOULDER, CO, HEX Performance announced the closing of a $5 million funding round led by Lykos Capital Partners.
HEX Performance, the first and only cleaning solution designed to clean and protect activewear and synthetic-based materials, announced the closing of a $5 million funding round led by Lykos Capital Partners, a women-owned growth equity firm who partners with remarkable consumer product brands. The round of funding will strengthen the brand's leading position in the activewear laundry category, fuel the innovation pipeline, add talented team members and continue its mission to properly treat, wash, and protect modern clothing.


HEX Performance Founder Drew Westervelt, a former professional athlete, had a vision of changing how consumers clean their fabrics. Leveraging his own experiences and challenges with fabric care, Westervelt spearheaded the development work behind HEX Performance's patented technology. HEX Performance's breakthrough formula is the main proposition used across its product landscape. HEX Performance is disrupting the traditional laundry market with a technology-based formula that's specifically designed to clean and protect performance and synthetic-based fabrics. HEX Performance products are made specifically with activewear in mind, and will revive and safeguard high-tech clothing from odors, stain-reabsorption and other damage - like pilling, elasticity loss and reduced sweat-wickability.

"We value the confidence of our investors and, in particular, our lead partner Lykos. The funding enhances our resources to continue to get the word out and provide product availability to the marketplace," said Drew Westervelt, Founder and COO of HEX Performance.

"From the first time we met Drew and used his detergent on our own stinky workout gear, we suspected we had a winner," said Amy Wolf and Jeri Finard, Co-Founders of Lykos Capital Partners. "Since our original investment, HEX Performance has broadened the product assortment and added distribution in key retailers across the country. We are looking forward to the next chapter of growth!"

HEX Performance is available in over 2,000 stores nationwide, its website and Amazon. For more information on HEX Performance, please visit www.hexperformance.com.

About HEX Performance
Founded by a former professional athlete, HEX Performance is a premium portfolio of revolutionary modern cleaning solutions including laundry detergents, fabric conditioners, wet dryer sheets and sprays that have been designed specifically to clean and protect synthetic-based fabrics. HEX Performance leverages a unique technology to address changing consumer needs by preserving and protecting performance fabrics while effectively eliminating stink and removing stains. All of HEX Performance products are eco-friendly, skin-friendly and biodegradable. For more information on HEX Performance, please visit www.hexperformance.com.

About Lykos Capital Partners
Lykos Capital Partners is a woman-owned growth equity firm seeking to partner with exceptional consumer product brands. We especially welcome, but are not limited to, diverse management teams of purpose-driven brands and teams who are seeking operational guidance. Our partners have operated businesses ranging from start-ups to global household names and bring expertise in sales, marketing, retail, supply chain, and finance. We are classically trained and financially disciplined and bring that expertise to emerging consumer brands looking to scale. The foundation of our investment thesis is to partner with management teams that have a passion for their product and a skill set that supports their vision and who also welcome collaborative partnership. For more information, please visit, www.lykoscap.com.
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