Credit: Clare Duffy, Staff Reporter, Portland Business Journal
Activewear company Handful closed a $1.2 million seed funding round last week, setting the company up to invest in its direct to consumer business in 2018.
This is the company’s second funding round — last year it raised $450,000 from friends and family. This time, it counts Elevate Capital’s Inclusive Startup Fund, Portland Seed Fund and TiE Oregon as investors.
Handful got its start making bras designed to be effective for both workouts and everyday wear, and it now also sells activewear apparel. The company also has a program to provide discounts and additional padding, which can act as a prosthetic for women who have lost one or both breasts, to breast cancer survivors.
For years Handful was a “side hobby” for founders Jennifer Ferguson (CEO) and Jody Filkins (CFO), who began full-time work on the company in 2015. The company is set to finish 2017 with $1 million in revenue, a number it aims to double in the next year and boost to $8 million by 2020.
Over the past year, the company focused on building its wholesale business, which grew 80 percent in 2017. Handful is now in 300 retailers around the country, and gets about 60 percent of its business from wholesale sales.