Oakland, California-based sportswear and lifestyle brand Courtsmith is the latest high-growth company in the investment portfolio of ICA, a U.S. nonprofit venture capital firm. Founded by Courtney “Court” Smith, Courtsmith just closed a $300,000 equity investment from the ICA Growth Fund. The brand first gained notoriety with its team uniforms and basketball apparel for youth teams in Northern California’s Bay Area and has grown steadily since. This fall, the company will launch a new women’s collection and its first-ever footwear line. Expansion into new sports such as football and soccer is also on the horizon, the company said. ICA first partnered with Courtsmith when the company participated in the Accelerator at ICA, a business accelerator program.
As a nonprofit community development venture capital institution, ICA focuses on investments that stand for inclusion. “Smith’s commitment to equality has been an integral part of the brand from day one,” said an ICA representative. His company intentionally hires employees from underrepresented populations and partners with youth reentry programs in the Bay Area to provide employment opportunities to young people seeking work.
ICA’s $300,000 investment is structured as a convertible note and leads Courtsmith’s $575,000 round. As part of the investment, ICA will take a seat on Courtsmith’s board, with ICA board president Jack Russi, managing partner at Deloitte USA, assuming the position. Smith said his brand would use ICA’s investment to increase its marketing spend, increase apparel production and launch a footwear line.
