CHAMP makes inaugural investment in Rhoback
What's the deal? RhobackDealroom has a profile for this one. Try Dealroom →, the active lifestyle apparel brand known for its dog logo, has taken its first outside investment from CHAMP — a new strategic partnership between L CattertonDealroom has a profile for this one. Try Dealroom →, Patricof CoDealroom has a profile for this one. Try Dealroom →, and more than 250 high-profile athletes. The deal marks CHAMP's inaugural investment.
Founded in 2016 in Charlottesville, Virginia, by Kevin Hubbard, Kristina Loftus, and Matthew Loftus, Rhoback had never raised outside capital before. The co-founders retain control of the business.
The company surpassed $150M in revenue in 2025, serves more than two million customers worldwide, and employs over 100 people. It has remained profitable since inception.
Why now? Rhoback is expanding beyond its direct-to-consumer roots. It recently opened its first retail location and is growing its wholesale and collegiate licensing businesses. The CHAMP partnership brings consumer brand expertise and a network of athletes that can help introduce Rhoback to new audiences.
"We weren't looking for capital; we were looking for the right partner," the co-founders said in a statement. "CHAMP brings together unmatched expertise across consumer brands, sports, and culture."
Rhoback was an early mover in Name, Image and Likeness (NIL) deals, partnering with prominent college football players and building one of the fastest-growing collegiate licensing businesses in apparel. It has also carved out a strong presence in the golf creator ecosystem.
What could go wrong? Bringing in outside investors after a decade of bootstrapped profitability is a delicate transition. Growth-oriented partners may push for faster expansion that tests the brand's premium positioning. And athlete-driven marketing, while powerful, can be unpredictable — reputational risks travel fast.
The active lifestyle apparel market is also fiercely competitive, with well-capitalised incumbents and a crowded field of digitally native brands vying for the same consumers.
The signal: L Catterton, one of the largest consumer-focused investment funds globally, and Patricof Co, a fund built around athlete-aligned investing, choosing a bootstrapped apparel brand as CHAMP's debut deal highlights growing institutional appetite for profitable, founder-controlled DTC businesses that have already proven unit economics. Rhoback's breakout-stage classification on Dealroom — paired with $150 million-plus in revenue and zero prior outside capital — makes it a rare profile in an apparel sector where most digitally native brands burn cash chasing scale long before reaching profitability.
Read more: prnewswire.com
