Cocona investors "excited" about prospects - sportstextiles: Lea SportsTextiles

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Cocona investors "excited" about prospects

09/01/2013
Specialist fabric and yarn producer Cocona has secured a $15 million investment that will enable it to expand its application development capacity and grow.

Cocona’s technology is used in the sports and outdoor markets, but the company has identified other "high-value applications and markets" that it wants to extent into.

Brad Poorman, CEO of Cocona, said: “This investment comes at a perfect time for us. We have worked to commercialise our technology, develop our brand partnerships and build our team. Now we have the resources that will help us streamline our operations, expand our product and application development capacity and invest in building our brand for long-term growth.”

The investment has been made by an affiliate of investment firm HIG Growth Partners, and Cocona received additional funding from venture capital firms Fairhaven Capital and OnPoint Technologies.

HIG Growth Partners managing director, Craig Burson, will join the board. He said: “We see tremendous opportunity with Cocona. It has been years since a technology has made such an impact in these markets and we are excited to be a part of it.”


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