Slater invests $250K in SquadLocker as part of $2.25M seed round

SQUADLOCKER is in the middle of a $2.25 million seed equity investment round, with the Slater Technology Fund participating to the tune of $$250,000.
SQUADLOCKER is in the middle of a $2.25 million seed equity investment round, with the Slater Technology Fund participating to the tune of $$250,000.

(Updated, 4 p.m.)
WARWICK – The Slater Technology Fund recently invested in Warwick-based online athletic apparel dealer SquadLocker as part of a $2.25 million seed equity round.
George Overholser, CEO of Boston-based Third Sector Capital Partners, led the round and will serve on the company’s board of directors. The Slater Fund, an independently chartered economic development fund that focuses on early-stage technology companies, invested $250,000.
“There’s an enormous market for customized team apparel, and tremendous affinity from consumers,” said Thorne Sparkman, managing director of The Slater Technology Fund, in a statement. “The process, however, for serving that demand was fragmented and cumbersome. Web-based design and marketing to these somewhat captive customers seems like a natural and superior way to serve the market and remove all the friction.”
Information about individual investors was not immediately available.
Overholser, a member of Capital One’s founding management team, was an initial investor and former board member of VistaPrint. He sees similarities between the mass-producer of marketing materials and SquadLocker.
“Just as VistaPrint made it easier for business owners to self-design and procure marketing materials, SquadLocker will streamline and optimize athletic apparel selection and procurement from teams,” Overholser said in a statement. “I’ve invested in this business because SquadLocker has proven that the improved online experience provides considerable value, will attract new customers efficiently and will be the catalyst for considerable growth.”
SquadLocker, founded by Rhode Island entrepreneur Gary Goldberg in 2012, is based in Warwick and provides online tools for self-design for athletic apparel. Todd Grant, president of Squadlocker, says the market needs an online experience to make sport coaches lives easier by eliminating “the frustrations of apparel selection and ordering.
“We look forward to their contributions as we continue to develop the best platform for shoppers of apparel and gear for their favorite teams,” he said.
So far, SquadLocker has received $1.75 million of the $2.25 million round, which it will keep open for now while “considering other investments,” according to Grant.

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