Business news : Cocona Lands $15 Million Private Placement

Cocona, Inc. closed a $15 million funding round lead by an affiliate of H.I.G. Growth Partners, which has become Cocona's newest minority equity investor. Prior investors Fairhaven Capital and OnPoint Technologies, Inc., also participated in the round.

Cocona, Inc. has developed significant market penetration with patented Cocona Technology in the global sports and outdoor markets and has identified many other high value applications and markets for growth.

“This investment comes at a perfect time for us.  We have worked to commercialize our technology, develop our brand partnerships, and build our team," said Brad Poorman, CEO of Cocona, Inc. "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.”

H.I.G. Growth Partners Managing Director Craig Burson will join Cocona's board of directors.  Burson brings years of commercial and investment experience and will be a valuable addition to implementing the company’s growth plans. 

“We see tremendous opportunity with Cocona, said Burson. “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.”

Headquartered in Boulder, CO., Cocona develops, commercializes and markets Active Particle Technologies used to dry clothing, footwear and sleep systems.  With initial focus on the outdoor and sports markets, Cocona is rapidly gaining market penetration for patented Cocona technology in the commercial, industrial, and hospitality markets globally and discovering new applications for the technology. 

About H.I.G.  Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global private equity investment firm with over $10 billion of capital under management and offices in Miami, Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S., and affiliate offices in London, Hamburg, Madrid and Paris in Europe as well as Rio de Janeiro in South America. With $500 million of committed capital, Growth Partners seeks to make both majority and minority equity investments ranging from $5 million to $30 million in strong, growth-oriented businesses with between $10 million and $100 million in revenues.

( SportsOneSource Media )