Oofos Completes Funding Round Led by Pro Athletes Derek Carr, Alex Smith and Dawn Staley

Oofos has completed a new round of funding, which was led by Derek Carr of the New Orleans Saints, retired NFL quarterback Alex Smith and WNBA star turned championship-winning women’s college basketball coach Dawn Staley.

The trio of sports stars all had ties to the active recovery footwear brand prior to the round of funding. Smith and Staley entered into partnerships with Oofos in June 2021 and March 2022, respectively, and the brand said in September 2022 that it had entered into a partnership with Carr and that he had also become an investor.

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“Authentic partnerships and a commitment to improving the lives of others are at the heart of our brand,” Oofos president Steve Gallo said in a statement. “Derek, Alex and Dawn are intrinsically aligned with our mission and values. Their work ethic, strength of character and their confidence in Oofos is what drives us to keep improving.”

Oofos said in a statement that TM Capital acted as financial advisor and Boisseau & Dean served as legal advisor to the brand in connection with the capital raise.

Oofos said it is positioned for continued growth with these new investments and has already experienced 82% growth for the 12 month period ending January 2023. The active recovery footwear brand also said several recent partnerships have bolstered its growth, a list that includes fitness company Exos, Dynamic Universal Pickleball Rating (DUPR), the Las Vegas Raiders, USA Gymnastics and the US Ski & Snowboard team.

From a charitable standpoint, Oofos noted via statement that it has remained dedicated in its commitment to breast cancer research and treatment initiative Project Pink. This support began, according to Oofos, as a way to support of one of its first employees, Duncan Finigan, through her four-year battle with the illness and to keep her memory alive following her passing in 2019. To date, Oofos confirmed it has donated more than $3.4 million to the Dana-Farber Cancer Institute to support the cause.

Oofos recovery footwear is designed with its OOfoam technology, which the company said absorbs 37% more impact than traditional foam. Also, this foam combined with a patented footbed design, Oofos explained, cradles the heel and arches for the optimal combination of soft and stable support. All of Oofos’ footwear, the brand said, has received the American Podiatric Medical Association (APMA) seal of acceptance.

“I have been wearing Oofos for several years and have never had footwear maximize my recovery time while away from the field of play like Oofos.” Carr said in a statement. “I’m confident in the brand and its ability to get me to the next level in my sport, especially during my newest career move to New Orleans. I’m proud to invest in the company’s future for other athletes.”

Staley added, “I’m excited to be taking another step as a part of the Oofos team, and to help bring this product to more people. I’ve been in the locker room and on the court as a player and coach, and both require constant commitment. I still work out every day and wouldn’t be able to maintain that routine and level of athleticism for so many years without Oofos. They’re truly life changing for people at any level.”

Carr told FN in September 2022 that Oofos footwear has changed his life for the better, and said wearing Oofos in December 2016 after suffering a broken fibula in a game was essential to his recovery. As for Smith, the retired quarterback told FN in June 2021 that Oofos was also key in his post-injury recovery. In November 2018, Smith suffered a gruesome leg injury on the field, which required 17 surgeries and two years of rehab.

“Oofos changes the lives of the people who rely on the brand, and I’m honored to be one of those people,” said Smith. “I’ve always been invested, but after years of seeing growth and the brand’s commitment to giving back, I’m more devoted than ever to seeing their message and products spread to a wider audience.”

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