on Philo Ventures
ADDAX Overland Raises $2.5M From Philo Ventures and Appoints Marshall Smith as New CEO
LEHI, UT / ACCESSWIRE / July 1, 2024 / ADDAX Overland has announced a $2.5 million investment from Philo Ventures and the appointment of Marshall Smith as CEO. Smith's operational and manufacturing experience is expected to drive further growth and product expansion for the overlanding equipment company.
The investment will enable ADDAX to enhance innovation, manufacturing, and R&D. Smith, the former president of Manly Bands and COO of Taft, aims to scale manufacturing to meet rising demand and launch the Gladiator Overlanding Cap and Camper later this summer.
"ADDAX's commitment to exceeding customers' expectations is key to its success," noted Smith. Philo Ventures CEO Chad Staheli added, "We see a thriving market with overland enthusiasts seeking high-quality products."
The $2.5 million from Philo will expedite manufacturing and production of trailers and campers and continue development in overlanding equipment. Philo will also provide strategic, sales, and operational expertise.
R. H.
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