HEX Performance Raises 5 Million In New Funding (BBJ Story)
Baltimore laundry detergent maker HEX Performance LLC has raised $5 million in new funding, in support of its ongoing mission to help people better clean their sweaty athletic gear. Four investors contributed to this latest funding round, according to documents recently filed with the U.S. Securities and Exchange Commission.
The round was led by Lykos Capital Partners, a New York-based equity firm that partners with growing consumer product brands. HEX is previously backed by about $1.15 million in debt and equity financing. This was the first multimillion-dollar raise for the eight-year-old company, which is dual-headquartered in Locust Point and Boulder, Colorado. It follows on other growth moves made by the company last year, including bringing on a new CEO, Thomas Arcuri, and setting up a second office in Colorado. Arcuri brings more than two decades of sales and marketing experience in the retail product space, and has previously served in executive sales roles at companies like the Dannon Co. and Celestial Seasonings.