Gender-neutral underwear brand TomboyX raises 18 million USD

business

Gender-neutral underwear brand TomboyX raises 18 million USD

business newsMay 15, 2019by Marjorie van Elven

Seattle-based gender-neutral, size-inclusive underwear brand TomboyX has received 18 million US dollars in a series B funding round led by consumer venture capital fund The Craftory, which now becomes TomboyX’s majority stakeholder.

Founded in 2012 by Fran Dunaway and Naomi Gonzalez, TomboyX already raised 4.3 million US dollars from TAU Investment Management last year. Commenting on the new funding round, Dunaway and Gonzalez said in a statement: “We are very excited to collaborate with the team at The Craftory as we continue in our mission to design inclusive and gender-neutral underwear for our diverse global audience. We are confident that their expertise in branding and consumer goods will complement our own creativity and disruption of traditional products.”

“TomboyX is a forward-thinking brand which tackles some of the biggest issues faced by society today and we are extremely proud to be welcomed to join the team as they expand their global reach and continue to design innovative sustainable pieces. It is crucial that companies like TomboyX continue to champion self-esteem as we move towards a more open, progressive society”, added Elio Leoni Sceti, Co-Founder and Chief Crafter at the Craftory, mentioning a recent NPD Group study which revealed that the female apparel market beyond sizes XS and XL was worth 21.4 billion dollars in the US alone in 2016.

The Craftory’s directors will join TomboyX’s board of directors alongside Pauline Brown from TAU Investment Management.

Picture: TomboyX Facebook