A Braintree-based company that specializes in active recovery footwear has drawn in new capital from several big-name athletes.
Oofos Inc. announced a growth investment round led by professional football quarterbacks Derek Carr and Alex Smith and basketball coach Dawn Staley. Oofos declined to share the funding amount, but a filing with the Securities and Exchange Commission indicates that the company recently raised nearly $7.7 million from 20 investors and had a total offering amount of $8 million.
The Braintree company is known for its OOfoam, an impact-absorbing foam technology built into its footwear, and its patented footbed design. This technology aims to reduce stress on the body and accelerate recovery post-performance. Oofos’ products include sandals, slip-on shoes, clogs, boots and slippers.
Oofos said its footwear is worn by athletes, such as Olympic gold medalist and freestyle skier Ashley Caldwell and Boston Ballet Principal Dancer Chyrstyn Fentroy, and by individuals who spend a lot of time on their feet, like nurses, teachers and chefs.
Carr was a multi-year ambassador and partner of Oofos. He previously played for the Las Vegas Raiders and recently moved to the New Orleans Saints to serve as quarterback.
“I have been wearing Oofos for several years and have never had footwear maximize my recovery time while away from the field-of-play like Oofos,” Carr said in a statement. “I’m confident in the brand and its ability to get me to the next level in my sport, especially during my newest career move to New Orleans. I’m proud to invest in the company’s future for other athletes.”
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Smith is a retired quarterback who has played for teams like the 49ers, Chiefs and Washington. In 2018, he suffered a spiral fracture of his leg and almost needed an amputation after it became infected. His return to football after this ordeal is considered one of the greatest comeback stories in sports. In a statement, Smith credited Oofos as a “fundamental tool” in his recovery.
“Oofos changes the lives of the people who rely on the brand, and I’m honored to be one of those people,” Smith said. “I’ve always been invested, but after years of seeing growth and the brand’s commitment to giving back, I’m more devoted than ever to seeing their message and products spread to a wider audience.”
Hall of Fame basketball player and head coach of the South Carolina Gamecocks Dawn Staley also joined this recent round of investments.
Oofos said this new funding would support its continued growth in 2023. The company said it had 82% growth in revenue year over year and, in recent months, built partnerships with Exos, DUPR, the Las Vegas Raiders, USA Gymnastics and the U.S. ski and snowboard team.
"Authentic partnerships and a commitment to improving the lives of others are at the heart of our brand,” said Steve Gallo, president of Oofos. “Derek, Alex and Dawn, are intrinsically aligned with our mission and values. Their work ethic, strength of character and their confidence in Oofos is what drives us to keep improving.”
