KENNEWICK, Wash. (BRAIN) — Carbitex, which makes carbon fiber soles used in cycling shoes by Scott, Lake and other brands, has closed a new funding round for an undisclosed amount. Since 2016, Carbitex has closed on at least five Series A and Series B funding rounds totaling at least $15 million.
The company said the latest funding is "the culmination of a two-year effort to restructure the company." It also said the majority of the new capital comes from longtime investor Michael Marks, who is Carbitex's executive chairman and also a founding managing partner at Celesta Capital. Celesta participating in at least two prior funding rounds for Carbitex.
“Carbitex has made significant progress, assembling a capable team and laying a solid foundation for future growth,” said Marks. “I’m impressed by their progress and confident the company is set for an exciting future.”
After returning to an operational role as Carbitex’s president last year, founder Junus Khan led the company’s restructuring.
“I’m proud of what our team has accomplished,” said Khan. “We’ve tackled hard challenges head-on and built a stronger, more agile Carbitex. This investment positions us to take the next step, and I’m excited about the breakthroughs we have in store that will push the boundaries of performance footwear and advanced materials.”
Carbitex’s materials are used in footwear categories including run, cycling, soccer, watersports, snowboard, and most recently, golf.
