Point6 initiated a final close after increasing by 5% its brokered equity offering and raising an additional $273,000 or 35%. The company first placed $625,300 with seven investors in August 2013 in an attempt to raise $1 million. At the close, twelve investors had subscribed to $1.05 million in equity securities. The offering was placed by CircleUp, a crowdfunding platform specialized in consumer products, with angel investors located in Colorado, Delaware, Kansas, Pennsylvania and Texas. This offering brings to $2.55 million the estimated amount raised by Point6 thus far. The private placement’s expected net proceeds amount to $1.02 million excluding $28,000 paid in fees to CircleUp.
The company designs and manufactures high performance merino wool socks for specific sports and outdoor activities ranging from cycling to construction. The company leverages a proprietary spinning process coupled with fine gauge needles’ knitting which produce superior sock with increased longevity. Merino wool is used for its natural thermo-regulation and moisture management properties.
The company is headquartered in Steamboat Springs CO. Point6 reported revenues on or below $5 million for the latest fiscal year and has less than fifty employees. The executive team includes Peter H. Duke (CEO), Patricia “Patty” F. Duke (Creative director) and Drew Williams (COO).
Status: Final close
Amount offered: $1.05 million
Amount placed: $1.05 million
First Sale: 08/20/13