Ten Thousand

The activewear market is huge but concentrated. Of the $91 billion in annual U.S. athletic apparel revenues, Nike, Under Armour, Adidas and Lululemon are the dominant players. What’s more, these incumbent activewear brands have built their supply chains, product assortments, and strategies around the wholesale channel, particularly big-box sporting goods stores. For customers, this means planned obsolescence, overwhelming product assortments, and a frustrating customer experience. In short, this is a massive market ripe for new entrants. Meanwhile, the fitness industry itself has evolved. Led by CrossFit, Orangetheory, Barry’s, and countless independent gyms and studios, the rise of high-intensity, multi-discipline group training—or “functional fitness” for short—has revolutionized how people gather to train, learn, and experience fitness. The legacy brands in men’s activewear, however, grew out of specific sports (running and basketball for Nike, soccer for Adidas, and football for Under Armour), leaving room for modern and tailored solutions dedicated first and foremost to today’s functional fitness athletes. Ten Thousand stands at the intersection of these trends. We’re a digital-first brand built from ground up for how the modern athlete thinks, trains, and shops. We engage our customers directly at every point from design to delivery, and without middlemen standing in the way, we deliver the curated product assortment and painless shopping experience that today’s customers demand. And while the incumbent brands built themselves on paid pro athlete endorsements, we’re building Ten Thousand on quality, performance, and a laser-focus on the functional demands of how guys actually train every day.

$1,000: 30% lifetime discount
$2,500: $250 yearly gear credit. 30% lifetime discount
$5,000: $500 yearly gear credit. 30% lifetime discount
$10,000: $500 yearly gear credit. 30% lifetime discount. Work directly with the founders and VP of Product to help with concept, design, and wear testing for all new products through 2019

Over $1.1 million in revenue since launch
Notable investors include the co-founder of Warby Parker and the co-founder of Bonobos and Trunkclub
Retail partnerships with best in class brands including Nordstrom, SoulCycle, and Equinox
Featured in GQ, Fast Company, Men's Fitness, Men's Health, among others
Unit economics: blended CPA across paid channels of $32; AOV across all orders (paid and organic) of $85, repeat purchase rate of 42%, and an LTV of $173

• 10% General and administrative
• 35% Marketing
• 10% Compensation
• 45% Inventory

Eugenio Labadie
COO
Inspired equally by a passion for fitness and a passion for design, Eugenio Labadie co-founded Ten Thousand to create the premium brand of men's activewear brand for the modern, functional athlete. Prior Ten Thousand, he practiced law at Sullivan & Cromwell LLP, one of the world's leading law firms, where he advised financial institutions and multi-national businesses on securities issuances, project finance, and cross-border mergers & acquisitions. He received his J.D. cum laude from Harvard Law School and his B.A from the University of Virginia, where he studied philosophy and economics.

Keith Nowak
CEO
Keith’s passion for sport and fitness started as a child when he fell in love with soccer. He pursued this love through high school and ultimately to a year as a professional soccer player in Italy’s third division. After returning to the states for college, Keith became interested in endurance sports starting with half marathons and expanding to Ironman triathlons. Keith kicked off his career in startups by launching his first company after graduating from college. From here he spent time working with other early stage businesses and 4 years running all seed and Series A investing for a family office where he had the chance to work with great brands such as Everlane, Warby Parker, and ClassPass. For Keith, Ten Thousand is much more than a great business opportunity but a chance to bring together his personal passion and all professional experiences.

• Security Type: Preferred Equity
• Share price: US $0.0871
• Pre-money valuation: US $4,240,000
• Option pool: 6.73%
• Liquidation preference: 1.0x
• Minimum investment: US $1,000
• Target Minimum: US $500,000
• Maximum Raise Amount: US $1,000,000