The Michigan Opportunities Fund has invested in outdoor retailer
to help the company expand its Web presence and continue to grow its brand. The amount of investment in Moosejaw was not disclosed, but the Fund typically invests between $7 million and $20 million in its portfolio companies. Previous Moosejaw investor Parallel Investment Partners also joined the round.
Outdoor retailer Moosejaw has developed a strong following through a blend of unique branding and its online customer interaction strategy which includes the website, Twitter, Facebook and Flickr. Moosejaw has invested heavily in cutting-edge technology alongside its brand and is now on the edge of significant growth.
In addition to their growing Web presence, Moosejaw currently owns six physical stores in Michigan and one in Chicago. The new cash injection will allow Moosejaw to further leverage their online platform and with strong online sales this holiday season, enter new retail environments in late 2010 or early 2011.
"We are extremely pleased to find a Michigan-based company that offers sterling opportunities for revenue growth and the promise of expansion," said David Evans from the Michigan Opportunities Fund. "Moosejaw presents a compelling story in the specialty outdoor active apparel and equipment marketplace, with national reach and highly loyal customers."