The Midwest may not be known as the fad capital of the world( or even the U.S .), but its place in the consumer retail firmament is secure through L Brands and its Victoria’s Secret and Bath& Body Works subsidiaries.
Now, gues investors are investing $17.3 million to establish another tent-pole garment symbol in those areas, with a brand-new commitment to the St. Louis-based clothing brand Summersalt.
Founded by a former Washington University design professor and swimwear decorator, Lori Coulter, and a marketing and branding consultant, Reshma Chattaram Chamberlin, Summersalt launched in 2017 with a line of direct-to-consumer swimwear.
In the past two years, the company has expanded beyond its $95 swimsuits to include cashmere defines, packable casings and wrinkle-free pants.
Initially backed by the Rise of the Rest Seed Fund, backed by AOL founder Steve Case’s Revolution investment funds, the company has gone on to attract capital from Founders Fund, Lewis and Clark Ventures and Victress Capital.
The latest round was led by Mercato Partners, a Utah-based risk capital firm.
“We could not be more stimulated with the opportunity to lead Summersalt’s latest money attain, and build partnerships with two intense founders who have a clear vision, are assignment driven and have a track record for accelerated carry-on ,” said Joe Kaiser, board of directors with Mercato Collaborator, in a statement.” The produce, label, squad and the incredible purchasers make for a triumph combination .”
Summersalt announces its strand of cloak” wandering wear” and used its footprint in the swimsuit sell to expand its reach with other pieces that could be taken on trips to less-sun-drenched parts of the world.
“We are building a generation defining travel brand that goes beyond swimwear and apparel to create a community of puzzled women who love to explore ,” said Coulter, the company’s chairwoman and united states president in a statement.” Our unparalleled know-how in clothe, deep supply chain expertise and fit-technology will be at the foundation as we continue to scale and build a brand with highly profitable unit fiscals .”
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