Black Space Floral Trainer from Nobull
Source: Nobull
Nobull, an athletic apparel and shoe maker with a cult-like following in the CrossFit community, has completed a new round of funding valued north of $ 500 million, CNBC has learned.
Co-founders Marcus Wilson and Michael Schaeffer told CNBC Nobull experienced explosive growth during the Covid pandemic as consumers spend money on clothing for work or entertainment, but are still looking for workout gear to put in or use for their home fitness routines . That same question benefited Nike, Under Armor, Lululemon and Adidas.
However, the health crisis has also led to constraints in the supply chain and sufficient stocks. Nobull said it plans to use the new funding to replenish supplies.
Boston-based Nobull is best known for its training gear: items such as lightweight and sweat-wicking shorts, sleeveless tank tops and training shoes. It makes a special pair of sneakers for lifting alone, which will cost you around $ 300. More recently, it has ventured to sell items for other sports and activities, including running, and debuted a $ 180 cycling shoe last year.
His women’s business currently outperforms men’s, thanks in part to a growing list of female athletes serving as Nobull brand ambassadors, including CrossFit Games athlete and professional weightlifter Tia-Clair Toomey.
Wilson and Schaeffer are both lifelong athletes and members of the CrossFit community.
“It was quite a no-brainer,” Schaeffer said of how Nobull initially hit the world of CrossFit about six years ago. “We both love CrossFit. We love the community … and that’s organically what we focused on.”
That phone call is paying off. Last month, CrossFit announced that Nobull would become the title sponsor of the CrossFit Games, which will start again this summer. The brand will also serve as the official footwear and apparel sponsor for the CrossFit community. The collaboration is expected to last at least three years.
“We are not a CrossFit brand,” explained Wilson. “But CrossFit is a sport and a form of training for people who train hard and don’t believe in excuses. So there are really great synergies within CrossFit.”
Once it meets the demand it sees in the United States, Nobull’s next ambitions include expansion abroad.
“We have great global exposure,” said Wilson. “So the other thing we’re doing is expanding our ability to distribute products around the world. … We want to make sure we remove barriers to entry in those markets for our customers who already have demanding products.”
It mainly continues to sell online. It has three stores in the US – in Boston, Miami and New York City’s SoHo neighborhood – that are still temporarily closed due to the pandemic. It hopes to open more in the coming years, with no plans to get into wholesale channels like department stores.
“We’ve gotten really creative … when it comes to product launches. We’ve just been super flexible, and this is where the lack of a lot of wholesaling makes it a lot easier,” Wilson said.
According to Pitchbook, Nobull has raised $ 32 million to date.