CARBITEX ANNOUNCES NEW PRINCIPAL INVESTOR AND CAPITAL EXPANSION
February 8, 2021
KENNEWICK, Washington (February 2, 2021) – Starting 2021 with strong roots and notable global brand partnerships, Carbitex - pioneers of the first uniquely flexible carbon fiber composites utilized in performance footwear applications – is excited to announce deeper investment and capital expansion from its principal investors, including the recently added Excelsior Venture Capital investment group. With the previous year growth up 510%, and a forecast to advance another 95% in sales in 2021, Carbitex solidifies its leadership position in the composite materials market.
Excelsior Venture Capital launched its support of Carbitex in late 2020, led by Ron Snyder, a partner in Excelsior and the former Chief Executive Officer of Crocs, makers of the popular clog-style resin footwear. Under his five-year helm at Crocs, Snyder led the company to go public in February 2006 to what was then the largest IPO in the footwear industry. Following his departure from Crocs, Snyder went on to several private ventures, including founding Codigo 1530 tequila company with partners Grammy Award winner George Strait, retired NHL star Brett Hull, and former NFL coach Mike Shanahan.
In addition to Excelsior, Carbitex’s recent capital expansion is supported by two prominent investors,
Michael Marks and Gary Hammerslag.
Michael Marks has over 40 years of experience co-founding capital investment companies - including his current role as founding managing partner at WRVI Capital, supporting the growth of emerging brands. Marks has been involved with Carbitex since spring of 2016, first as a partner with Paxion before acquiring all its shares and contributing his own individual investments to become the largest independent shareholder in the composite materials brand. Marks brings his extensive experience in running multinational manufacturing companies – including his previous role as CEO for 13 years and then Chairman of Flextronics, the second-largest electronic contract manufacturing firm in the world, as well as serving as both an investor and former board member of Crocs and Zappos.
Best known as the inventor of the BOA Fit System®, Gary Hammerslag took his passion for snowboarding and pioneered an award-winning performance fit system that has revolutionized the footwear market since 2001. A lifelong entrepreneur and innovator, Hammerslag began his career developing and producing medical devices across three successful ventures before launching BOA Technology in 1998 and serving as CEO and then Chairman of the Board for almost 23 years. Carbitex founder, Junus Khan, reached out to Hammerslag in December 2016 who immediately became a mentor to Khan and his vision before officially becoming an investor in late 2017, and now serves as a Board Observer for Carbitex.
Carbitex products are currently incorporated in eleven footwear brands including adidas, DC Shoes and Scott Sports, and has increased its production 100-fold by investing in high-tech machinery that automates previously manual operations and rapid prototyping capabilities run by its highly skilled staff. With the additional capital support, Carbitex will expand its business development and marketing, facilities and machinery to increase automation & capacity.
Carbitex, based in Kennewick, WA since its inception in 2012, was born from the idea that pioneering advanced materials drives human ingenuity, where future is made. Its patented carbon fiber composites have uniquely flexible characteristics offering a combination of benefits never before possible. With three distinct technology platforms, Carbitex is now focused on the performance footwear market and partners with top brands like adidas, Scott, DC Shoes, and Lake Cycling to bring stability and mobility, responsiveness and comfort to their customers. Backed by rigorous lab and field testing, Carbitex flexible carbon fiber composites set a new proven standard felt by athletes worldwide.