ST LOUIS, MO, Summersalt, a designer of eco-friendly swimwear, has secured $2 million in seed funding.
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Summersalt is announcing today that it has raised a $2M seed round led by Dundee Venture Capital with participation from Breakout Capital, Revolution's Rise of the Rest Seed Fund, Cultivation Capital, Victress Capital, M25, The Syndicate Fund and Silas Capital. This brings the company's total funding to $2.6M.
Summersalt launched in May 2017 with high end, eco-friendly swimwear without the designer price tag and quickly made a name for itself in the $13.5 Billion swimwear industry (expected to hit $20 Billion in 2020).
While swimwear has historically been a wholesale-dominated industry, millennials are not shopping at department stores, and Summersalt is filling the void by connecting with the consumer where she lives -- online and through social media. Consumer categories have seen a shakeup in recent years --eyewear with the rise of Warby Parker, luggage with Away, beauty with Glossier, and ready-to-wear with Everlane. The swimwear industry is ripe for disruption and Summersalt is poised to capture the giant market share left by legacy players unable to evolve with shifting consumer preferences and values.
"We attribute Summersalt's rapid growth to our innovative approach to design, technology-driven fit, and leveraging digital and social engagement to incorporate real-world influencers," says co-founder and CEO, Lori Coulter. "In a category that tends to favor sexualized imagery and steep price points, we're disrupting with travel-centric content featuring real women -- all at $95 and below, making designer swimwear accessible to all women.
"By cutting out the middlemen and with supply chain at warp speed, we're able to deliver designer quality at an affordable price with functionality and performance in every product," says co-founder and Chief Digital and Brand Officer, Reshma Chattaram Chamberlin. "Summersalt's fit is informed by over 10,000 real women's body scans and 1.5M measurements, and the swimwear is five times stronger than the average suit, UV-protected, and made from Italian fabrics and premium recycled materials.
Summersalt will use its new funding to expand its product offering and to grow its passionate, active community through unique partnerships and innovative content creation.