Maine Venture Fund Partners, Telluride Venture Fund, and others to fund Hyperlite Mountain Gear
Maine Venture Fund Partners with Biddeford Savings Bank, Telluride Venture Fund, and private investors to fund the expansion of Hyperlite Mountain Gear
Posted by the Maine Venture Fund
August 28th, 2014
Hyperlite Mountain Gear (HMG), based in Biddeford, Maine is a fast growing Maine-based company with a global presence in the lightweight outdoor gear industry. HMG’s mission is to be the ‘Leaders in Lightweight’™, by embracing material technology innovations and a design shift to a simpler, more refined approach to how adventurers and enthusiasts explore the outdoors. Hyperlite Mountain Gear is committed to the exhaustive research and development that is required to make lightweight gear that is both highly durable and comfortable, thus contributing to increased enjoyment of outdoor sports.
The Maine Venture Fund, Telluride Venture Fund and private investors provided Hyperlite Mountain Gear with equity capital, while Biddeford Savings Bank provided debt in order to position the company for continued growth and expansion.
“We are thrilled to have closed our recent funding round and are very pleased to be working with the Maine Venture Fund, the Telluride Venture Fund and all of our other partners,” noted Mike St. Pierre, CEO of Hyperlite Mountain Gear. “We have been bootstrapping HMG for the past five years and while we have made great strides in our development, they have often been limited. This investment means that we will be able to accelerate our growth by further investing in marketing, product development and staffing. And we envision this acceleration to eventually position Hyperlite Mountain Gear as a one-stop-shop for high-tech ultralight gear regardless a user’s core outdoor activity.”
“Hyperlite Mountain Gear is a great example that hard-working creative people can build a business with a small but growing global reach by offering Maine manufactured products that are regarded as best in their class,” says Tom Dunne. “As one of several new Board members, it is exciting to be part of a group focused on helping HMG climb ever higher. And it has been a pleasure working with the Maine Venture Fund which played a pivotal role in bringing both new capital and new Board members to the company.”
Hyperlite Mountain Gear had a successful 2013 completing the Telluride Venture Accelerator program and achieving both solid growth and national media coverage for its innovative products. The company is on track for a successful 2014 with highlights including impressive revenue growth and a relocation of their manufacturing facility to a larger, more modern space at Biddeford’s Pepperell Mill Campus. To learn more about Hyperlite Mountain Gear’s history and future plans, read the Portland Press article from March 20, 2014.
The mission of the Maine Venture Fund is to provide resources to attract, support, and help develop eligible small businesses with the potential for substantial growth and success that will contribute to the prosperity of Maine.