Portland-based apparel startup Oros Labs raised more than $21 million in its latest funding round, according to SEC filings.
Oros makes jackets and outerwear insulated with technology used in astronaut suits and on spacecraft. It relocated to Portland from Cincinnati in 2019, and has become a promising part of the local apparel startup ecosystem.
The company has worked on several high-profile projects since landing in Portland, including Amazon (Nasdaq: AMZN) founder Jeff Bezos’ aerospace manufacturer Blue Origin’s N-23 rocket and Department of Defense tactical shelters. SEC filings indicated the round was $21 million, but Oros later confirmed it was $22 million.
In its last funding round in 2021 Oros raised $14.5 million, and as part of its work with the Department of Defense in 2022 it received an additional $10 million, in part due to Sens. Jeff Merkley and Ron Wyden, who helped get Oros into an appropriations bill.
CEO Michael Markesbery previously said while their branded apparel line raises awareness for Oros, its vision lies in advancing material technology beyond just good-looking jackets.
“Regardless of if its tactical shelters for the Department of Defense or consumer apparel for the outdoorsman, it all falls under the same core belief that we have that we can completely transform materials,” Markesbery said.
The new funding round shows Oros’ strength as an apparel and technology maker during a time when capital is harder to come by. For the first three quarters of 2023, investments into Portland-area startups were down 59% compared with where they were the same time the year prior.
Investors in the third quarter put just $79.6 million into startups in the Portland-Vancouver metro area, a drop from the third quarter of 2022, with $207.2 million invested, and the third quarter of 2021, with $446 million invested.
