SquadLocker Teams Up with Leading Angel Investors to Secure $2.25 Million Seed Round
Warwick, RI – August 27, 2015 – SquadLocker, one of the nation’s leading one-stop shop athletic apparel dealers, announced today that it has recently secured a seed equity round of $2.25 million.
The round was led by George Overholser, CEO of Boston’s Third Sector Capital Partners, a member of Capital One’s founding management team and an initial investor and former board member of VistaPrint. Mr. Overholser will serve on the company’s board of directors.
“Just as VistaPrint made it easier for business owners to self-design and procure marketing materials, SquadLocker will streamline and optimize athletic apparel selection and procurement for teams,” said Mr. Overholser. “I’ve invested in this business because SquadLocker has proven that the improved online experience provides considerable value will attract new customers efficiently and will be the catalyst for considerable growth.”
Slater Technology Fund, a Rhode Island-based venture development fund specializing in early-stage technology companies, with a significant network of co-investors, innovators, and other stakeholders in the New England venture development community, is also investing in this round.
“The market needs a seamless online experience that will make coaches lives easier because it will eliminate the frustrations of apparel selection and ordering. Having the financial support and business acumen of the seasoned business executives who are investing in the business will propel SquadLocker to develop the best possible online customer experience,” said Todd Grant, President of SquadLocker. ‘We look forward to their contributions as we continue to develop the best platform for shoppers of apparel and gear for their favorite teams.”
No more will coaches have to deal with the headaches of…what’s the best gear, style selection, which brands to choose, which players will be ordering what, order forms and dealing with names, numbers and sizes and the doozy, collecting checks and handling parent complaints. All this goes away with the improvements we’ve launched and at the end of the day that benefits the kids. Spending less time on gear means volunteer coaches can spend more time with the young athletes doing what they signed up for, mentoring and coaching.
Unlike the 15,000 local sporting goods retailers with corner stores across the country, SquadLocker will feature:
• Seamless online experience that is fast, easy and FREE for coaches, youth league administrators and parent volunteers with one source for apparel selection and order management
• Self-managed fund raising and rebate management via the portal
• 3-step SELF-SERVICE process for selecting and making gear available for purchase by parents directly
• Toolset for uploading, editing and storing actual team logos as well as FREE design services from a staff of graphic designers standing on the ready to assist
• Suite of top-tier brands, including Under Armour®, Adidas® and Nike®, as well as high-quality value-brand alternatives at the lowest possible cost for teams
• Best-in-Class delivery time standard
• Best-in-Class guarantee called Accuracy Guard™, which states “If it’s not right, we’ll replace the product. No questions asked.”
About Slater Technology Fund
The Slater Technology Fund is an independently chartered economic development fund that operates in accord with best practices of venture capital investing, backing new ventures committed to basing and building businesses in Rhode Island. Leveraging state and federal funding, Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.
About Squad Locker
Squad Locker, founded by Rhode Island entrepreneur Gary Goldberg in 2012, is a Warwick, Rhode Island company disrupting the hyper-local intensely fragmented athletic apparel market. SquadLocker provides innovative online tools which make it easier for anyone affiliated with teams to launch fund-raising solutions for teams using an easy-to-launch self-design and ordering process for authentic athletic brands like Under Armour®, Adidas® and Nike®. The online experience is immediate, easy to launch and free for athletic programs.
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