ADDAX Overland Raises $2.5M From Philo Ventures and Appoints Marshall Smith as New CEO
LEHI, Utah, July 1, 2024 (Newswire.com) - ADDAX Overland, known for creating the world’s most rugged, reliable, and trailblazing overlanding products, announces a strategic $2.5 million investment of capital and resources from Philo Venture’s Studio; and the appointment of Marshall Smith as CEO.
The new strategic investment from Philo will enable ADDAX to further invest in innovation, manufacturing, and R&D, ensuring that production of the company’s premier overlanding equipment keeps up with the growing demand.
ADDAX CEO Marshall Smith is a seasoned chief executive, having co-led two successful e-commerce companies to over 300% growth. The former president of Manly Bands and COO of Taft, Smith comes to ADDAX with a wealth of operational and manufacturing experience to fuel growth and product expansion, such as bringing the company’s new Gladiator Overlanding Cap and Camper to market late this summer.
"As an overland enthusiast myself, I'm excited to be a part of ADDAX — a company that excels in designing rugged and capable products that complement overlanders' different preferences and styles,” said Smith. “ADDAX's commitment to exceeding customers' expectations is a big part of its success. A top priority will be to scale up manufacturing to keep pace with the surging demand for our outstanding overlanding products."
“We invested in ADDAX Overland because we see a thriving market with overland enthusiasts seeking high-quality, durable products,” said Chad Staheli, CEO and Managing Partner of Philo Ventures. “The overlanding industry aligns perfectly with our passion to support businesses that encourage individuals and families to enjoy the great outdoors.”
With Philo’s $2.5 million investment, ADDAX will expedite manufacturing and production for its trailers and campers, and continue R&D to expand its offering of overlanding equipment. In addition to the cash injections, Philo will also provide robust operational resources and expertise across strategy, sales, and operations.
About ADDAX Overland
Built upon a combined 60 years of off-road industry chops, ADDAX Overland is proud to create the world’s most rugged, reliable, and trailblazing overlanding products from its pioneering overland truck cap and camper to its military-grade trailer. ADDAX’s thirst for open-air freedom drives an uncompromising pursuit of the ultimate in overlanding performance. Headquartered in Utah, ADDAX tests all of its products on the rugged trails of Moab, a top destination for overlanding. For more information, visit addaxoverland.com.
About Philo Ventures
Philo Ventures is a Utah-based venture group, driving innovation and economic growth through its startup studio, venture fund, and real estate development group. Led by serial entrepreneurs Chad Staheli, Cory Cozzens and Greg Whitehead, Philo’s diverse portfolio includes aerospace tech, AI software for healthcare, B2B SaaS, insurtech, hospitality, and innovative land development projects. Notable Utah business leaders, such as Christian Gardner and Dan Shaw, serve as advisory and capital partners. For more information, visit philo.ventures.
Source: Philo Ventures
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