With $65M In New Funding, FIGS Seeks To Revolutionize The Medical Apparel Industry
Additional Funds Drive Increased Investment In Technology For The Disruptive Direct-To-Consumer Brand
LOS ANGELES, Jan. 23, 2018 /PRNewswire/ — Female-founded medical apparel company FIGS raises $65 million in most recent investment round from Tulco, bringing total funding to date to $75 million.
Founded in 2013 by Heather Hasson and Trina Spear, FIGS is transforming the healthcare experience by creating the highest quality medical apparel in the world and developing an unprecedented, branded ecommerce platform for medical professionals.
The $50 billion medical apparel industry is dominated by low end suppliers that sell in bulk to brick and mortar retailers. Disrupting an antiquated market might sound like an easy feat, but as co-CEO and co-founder Heather Hassonpoints out, “We’re not just changing an antiquated industry, we’re changing purchasing behaviors that have been ingrained in this community for over a hundred years. That has never been done.”
To do this well, FIGS lets data lead the way. Utilizing technology to make personalized digital relationships with their consumers was key to their success to date, which is sizeable. Since their last round of funding in 2016, the business has grown by more than 10X. “We have no plans to slow down,” says Hasson. “We’re using predictive data analytics and machine learning to connect with our community and bring them more of what they want.”
This new round of funding will be used for advancements in technology, customization and to buy out existing investors. The infusion of capital will also speed up the company’s existing pipeline, which includes international expansion. “International is the logical next step for our brand, which already has demand and clientele outside the US,” says Hasson.
It’s also one of the reasons Tulco was eager to invest in the business. “Data analytics, machine learning and artificial intelligence are helping to transform traditional industries. FIGS is using these tools to reimagine the workwear category and we couldn’t be happier with the results,” says Thomas Tull, Tulco founder and CEO. Tulco is now the sole outside investor in FIGS.
FIGS is transforming the outdated $50 billion medical apparel industry through a relentless focus on design, technical fabrications, and comfort. FIGS medical apparel is antimicrobial, wrinkle resistant, stain repellant, lint free and utilizes four-way stretch. Through its customer-centric, vertically integrated ecommerce platform, FIGS has transformed the way medical professionals shop. Through its threads for threads initiative, FIGS has donated hundreds of thousands of scrubs to healthcare providers in need in over 35 countries around the world.
Tulco has adopted a holding company model responsive to 21st century opportunities and challenges. Tulco enables its companies to unlock rapid, sustainable growth through the application of predictive data analytics, artificial intelligence (AI) and machine learning technologies. Tulco works with companies to reimagine industries supported by technology talent and the expertise and resources of its Board—which includes an extensive network of investors, entrepreneurs and subject matter experts.