Description
FIGS is an American healthcare apparel brand based in Santa Monica, California. The company sells scrubs that come in a variety of colors and styles, as well as a number of other products for healthcare professionals. It was founded in 2013 by Heather Hasson and Trina Spear who both serve as co-CEOs.
History
FIGS was founded by Heather Hasson and Trina Spear in Los Angeles, California in 2013. Hasson had the business idea when she realized that, unlike companies such as Lululemon, Under Armor, and Nike, that make clothes for athletes, there were no companies making fitted uniforms for health care professionals. Spear worked on Wall Street at the time and helped Hasson develop the business idea. Hasson and Spear started the company using only their personal savings. They designed an alternative to the common scrubs available. Initially, they sold their product out of the parking lots of hospitals, getting feedback from staff.
In 2013, Hasson and Spear raised a $2 million seed round so that they would not run out of product. In 2014 and 2015, they raised an additional $3 million. In 2016, the Lululemon-backed venture capital fund, Campfire, led the Series A round in FIGS, through which an additional $5 million was raised.
In 2017, Thomas Tull, businessman and founder of Legendary Pictures, became the company's majority owner after he invested $65 million in FIGS. Others who have invested in FIGS include Will Smith, Irving Place Capital, former Lululemon CEO Christine Day, and Mohr Davidow Ventures.
The company's headquarters are in Santa Monica, California. In December 2015, FIGS was selected to join the Endeavor network, a startup accelerator and mentorship program. As of 2018 the company had raised a total of $75 million in funding. FIGS was recognized as one of the fastest growing companies in the United States by Inc. in 2018, with the company having a three-year growth of 9,948%.
In 2019, FIGS opened a pop-up shop in Los Angeles. The company employed close to 100 workers by 2019. They added face masks to their stock in response to the coronavirus pandemic in 2020. The company expanded sales to Australia and the United Kingdom to meet the surging demand for medical equipment of all kinds caused by the coronavirus pandemic of 2020.
