Its coats and jackets are tiny but Puffin Drinkwear's prospects are growing, thanks to a new round of funding and new executives.
The Bend company makes a line of novelty drink coozies that are more fashionable than the general foam holder. The products are “personality-infused apparel for your drink to wear" — puffy jackets, flannels, parkas sized to fit bottles and cans.
Puffin announced a Series A round led by Portland private equity firm Village Family Capital and Jim Collis of Colfam Management. Details of the investment were not disclosed.
However, Village Family Capital targets investment in profitable companies that need help expanding. It writes checks between $2 million to $5 million, according to previous PBJ reporting.
Fast-growing Puffin was founded in 2018 and its products are sold in more than 4,000 stores in the U.S. and Canada.
“We recognize Puffin Drinkwear’s portfolio of truly innovative and quality products,” said Jake Kindrachuk of Village Family Capital in a written statement. “They think through every inch of a product, down to the fabric yarns. Beyond that, we believe in their ambitious and compelling vision to spark joy over these genius and hilarious beverage jackets. We’re thrilled to support Puffin Drinkwear on its journey.”
The funding will help the company build its brand, develop materials and get new products to market.
In addition to the capital, the company has two new executives. First, Arianna Moore was named chief financial officer. Moore has experience in financial leadership in private equity backed companies, the company said in a statement.
At the end of 2021, the company named Scott Allan interim CEO. Allan is the former president and CEO of Bend-based Hydro Flask. He led that fast-growing company from 2012 to 2020, which included its acquisition by Helen of Troy (Nasdaq: HELE).
In the last year, Puffin saw recurring revenue grow 53% and added dozens of new products. It also expanded its retail into Bass Pro Shop, Scheels, Cabela’s, Dillards, L.L. Bean and Public Lands.
“Growing category-defining brands require strong capital backing, and thus we are excited to work with Village Family Capital and Colfam Management during this next stage for Puffin,” said Allan in a written statement. “I look forward to seeing the brand live up to its potential going forward.”
The company expects to start searching for a permanent CEO later this quarter. Founder Tyrone Hazen has moved into the role of head of product, according to LinkedIn.
"The Puffin team is proud of the rapid growth these past years powered by the special connection consumers have with these can coolers," said Hazen in a written statement. "Our mission has always been to spark joy and do good together, and this investment positions us to expand our product line, improve our service levels and expand our capabilities even further."
