Renegade Brands Announces $5.0 Million Investment Round Led By Eldridge Industries
Investment will fuel the Company's growth into the professional and collegiate sports markets, as well as expand national retail distribution partnerships.
CLEVELAND, Oct. 18, 2016 /PRNewswire/ -- Renegade Brands, USA Inc., a provider of next-generation cleaning systems for high performance sports gear and apparel, today announced that it has closed a $5.0 million investment round. Eldridge Industries led the round with participation from Elysian Park Ventures, the private investment arm of the Los Angeles Dodgers' ownership group. The investment will enable the company to expand its offerings to professional and collegiate sports organizations across the country, grow its national retail partnerships, and develop new direct-to-consumer channels.
Renegade develops the Sweat X sports laundry line, a specially formulated, high performance cleaning system that is uniquely designed to lift and remove embedded foul odors and the toughest stains from all fabrics. Sweat X does not rely on the usual toxic properties utilized by standard laundry chemistries to achieve its cleaning results. Instead, Sweat X deploys NANOVASIVE™ technology that exfoliates stains and sweat beads housing bacteria known to cause odor in uniforms and active-wear. Renegade currently provides its detergent line to dozens of professional and collegiate sports teams, including the Los Angeles Dodgers, New York Yankees, Cleveland Cavaliers, Dallas Mavericks, Cleveland Indians, Maryland Terrapins, University of Illinois, and USC Trojans, as well as to select sports retail partners, including Dick's Sporting Goods.
"Sweat X solves a large and growing problem faced by athletes everywhere who wear performance sports apparel. Although these technical fabrics deliver on their promise to wick sweat and keep athletes dry, they unfortunately trap body oils, bacteria and other grime like field paint, grass stains, and dirt, leading to stubborn stench and stains," said Cathy Horton, Founder and CEO of Renegade Brands. "These fabric challenges plague teams and athletes from the pro level down to youth sports, and even those who wear athleisure apparel. But the source of the problem isn't the evolving design of sports apparel; it's the outdated nature of the detergents being used."
"Sweat X is remarkable, indeed revolutionary, in its ability to clean and exfoliate technical sports apparel and gear," said Tucker Kain, CFO of the Dodgers and Partner at Elysian Park. "The reality is that the underlying chemistries used in laundry detergents haven't changed in over thirty years, while the sports apparel market has evolved profoundly. What athletes need now is a cleaning technology that's as technologically advanced as the gear they wear. Renegade is changing the way laundry detergents serve the modern athlete, and we're proud to join them as an investment partner."
This investment round is the latest evidence in Renegade's growing momentum in the sports industry. Earlier this year, Renegade became the official laundry provider for USA Triathlon, US Lacrosse, USA Field Hockey, and has proudly served the IMG Academy for four years. It was also selected by the Los Angeles Dodgers Sports Accelerator with R/GA as one of the most promising sports industry startups globally.
ABOUT RENEGADE
Renegade Brands Inc., based in Cleveland, Ohio, is owned and operated by a group of athletes who believe in challenging the detergent industry's status quo by delivering the highest performance sports laundry products on the market. Renegade Brands' powerful and proprietary nano-scale cleaning system is robustly engineered to eliminate odor, remove stains and restore fabric performance for athletes everywhere. For more information visit www.sweatxsport.com.
ABOUT ELDRIDGE INDUSTRIES
Eldridge Industries owns, operates and invests in businesses across industries including finance, media and real estate. Headquartered in Greenwich, CT, with offices in New York, London and Beverly Hills, Eldridge is led by Chairman and CEO Todd Boehly, a principal owner of the Los Angeles Dodgers.
ABOUT ELYSIAN PARK VENTURES
Elysian Park Ventures was created by the ownership group of the Los Angeles Dodgers to invest and partner with exceptional entrepreneurs operating at the intersection of sports, technology, and media. With the goal of helping turn innovative ideas into market-changing companies, Elysian Park puts entrepreneurs at the center of one of the most influential networks in sports. Based in Los Angeles and New York, Elysian Park invests in all stages from seed to growth, and also provides entrepreneurs with business development support through the Los Angeles Dodgers Accelerator program with R/GA.
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SOURCE Renegade Brands
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