Altrec.com receives $6 million in financing
Online outdoor retailer Altrec.com received more than $6 million in financing and SNEWS finds out where the money is headed to help the Bend, Ore.-based company grow. At the top of the list: more jobs.
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Altrec.com is looking to add both senior and staff positions to grow its Bend, Ore.-based online outdoor retail business, after receiving more than $6 million in private equity financing.
Huntington Capital Fund II, out of San Diego, Calif., led the financing round to the 12-year-old company (www.altrec.com), which employs more than 100 people in Bend.
Altrec CEO Mike Morford told SNEWS the additional positions will be across the board, including a new vice president of marketing and a new vice president of merchandising.
“We’re looking for a high level of talent, who have strong connections to the outdoors and strong ambitions to take on a challenge and help us grow,” he said.
Morford said some jobs are already posted with more to come within the next four to five months. After that, the company plans a second wave of hiring in the near future. The number of new jobs to be added is still undetermined, dependent on company and economic performance.
The additional workforce will allow Altrec “to speed the growth we’ve been experiencing,” Morford said. The privately held company does not release revenues.
“We’re gaining a lot of new customers, so a lot of this is to cater to those new customers,” he said.
There won’t be any earth-shattering changes in the near future, Morford said, but some small changes will set the foundation to create a richer, more encompassing experience to encourage consumers to engage in the outdoors.
Customers will see more relevant information on products, along with an easier user experience. And the company will work to improve its suggestions to consumers on products they might like, but don’t know about.
Over time, the Altrec website also might build a more symbiotic relationship with its sister company GreatOutdoors.com, an online content provider covering the outdoors and travel.
“We’re positioned well in the outdoor space, but we’re looking to take a larger leadership position in helping people get outdoors,” Morford said.
–David Clucas
