McLean-based customized T-shirt company getting $40 million investment
The Washington, D.C.-based Revolution Growth fund today plans to invest $40 million in McLean-based CustomInk, a company that makes customized T-shirts.
The investment is expected to aid CustomInk’s growth as it approaches $200 million in annual revenue. The company has had 50 percent growth rate.
In connection with the investment, Ted Leonsis, a former AOL executive who is a Revolution Growth co-founder, will join CustomInk’s board of directors.
In a statement, Leonsis said CustomInk “sits at a sweet spot of community, creativity, social commerce, and technology. They are revolutionizing their category by combining these elements with a deep dedication to the needs of their customers.”
The company recently launched Booster, a new platform designed to help people raise money and rally support for their causes through the online sale of custom T-shirts.
The company also is developing a sponsorship platform, called Pear, to enable brand sponsorship of groups and occasions on a grassroots level.
Founded in 2000, CustomInk delivers about 20 million T-shirts per year and employs more than 800 people.