Boulder's HEX Performance, a startup developing cleaning solutions for activewear, closed a $5 million funding round this month to build out its team and add to its product line.
The round was led by Lykos Capital Partners, a women-owned growth equity firm that partners with consumer product brands.
HEX Performance's technology-based formula is specifically designed to clean and protect performance and synthetic-based fabrics. The company's products are made with activewear in mind, blocking odors, stain-reabsorption and other damage – like pilling, elasticity loss and more.
Founder and COO Drew Westervelt said the round will fuel innovation on the company's current product line, add to HEX's growing team and secure its position in the activewear laundry category.
"We are hiring sales and marketing related roles to support our rapid retail and ecommerce growth and marketing initiatives to drive trial and awareness of HEX Performance," he told Colorado Inno.
HEX Performance is available in over 2,000 stores nationwide, as well as on its website and Amazon.
The company opened an office in Boulder last year and Westervelt said the move has been a perfect fit for the company's brand.
"Boulder is a wonderful place packed with extremely talented people who also happen to live active lifestyles which fits really well with our brand and company culture," he said.
"From the first time we met Drew and used his detergent on our own stinky workout gear, we suspected we had a winner," Amy Wolf and Jeri Finard, co-founders of Lykos Capital Partners, said in a statement. "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!"
Moving forward, Westervelt said a growing activewear category means increased opportunity for HEX to continue to innovate and grow.
"We see a massive opportunity to service the over $8B U.S. laundry category via retail and ecommerce channels with new and innovative technologies to simplify the laundry regimen," he said "Our conversations with consumers excite us and fuel our commitment changing the status quo and deliver disruptive and effective solutions."
