ADDAX Overland Raises $2.5 Million from Philo Ventures
ADDAX Overland, a Lehi, Utah-based provider of rugged overlanding products, announces it has received a $2.5 million investment from Philo Venture’s Studio.
Money
June 26, 2024, Lehi, Utah
Today ADDAX Overland, a Lehi, Utah-based provider of rugged overlanding products, announces it has received a $2.5 million investment from Philo Venture’s Studio.
It also announces the appointment of Marshall Smith as the company's new CEO.
The new strategic investment from Philo will enable ADDAX to invest in additional innovation, manufacturing, and R&D, ensuring that production of the company’s overlanding equipment meets the growing demand for overlanding products.
ADDAX CEO Marshall Smith is an experienced chief executive, having co-led two successful e-commerce companies to over 300% growth. The former president of Manly Bands and COO of Taft, Smith comes to ADDAX with a substantial operations and manufacturing experience to fuel growth and product expansion, such the company’s new Gladiator Overlanding Cap and Camper which is expected to ship later this summer.
"As an overland enthusiast myself, I'm excited to be a part of ADDAX–a company that excels in designing rugged and capable products that complement overlanders' different preferences and styles,” said Smith. “ADDAX's commitment to exceeding customers' expectations is a big part of its success. A top priority will be to scale up manufacturing to keep pace with the surging demand for our outstanding overlanding products."
“We invested in ADDAX Overland because we see a thriving market with overland enthusiasts seeking high-quality, durable products,” said Chad Staheli, CEO and Managing Partner of Philo Ventures. “The overlanding industry aligns perfectly with our passion to support businesses that encourage individuals and families to enjoy the great outdoors.”
With Philo’s $2.5 million investment, ADDAX plans to expedite manufacturing and production of its trailers and campers. It will also use the funding to continue R&D to expand its offering of overlanding equipment. In addition to the cash injections, Philo will also provide robust operational resources and expertise across strategy, sales, and operations.
Built upon a combined 60 years of off-road industry chops, ADDAX Overland creates rugged and reliable overlanding products, from its pioneering overland truck cap and camper to its military-grade trailer. Headquartered in Lehi, Utah, ADDAX tests all of its products on the rugged trails of Moab, a top destination for overlanding.
For more information, visit addaxoverland.com.
Philo Ventures is a Utah-based venture group, driving innovation and economic growth through its startup studio, venture fund, and real estate development group. Led by serial entrepreneurs Chad Staheli, Cory Cozzens and Greg Whitehead, Philo’s diverse portfolio includes aerospace tech, AI software for healthcare, B2B SaaS, insurtech, hospitality, and innovative land development projects. Notable Utah business leaders, such as Christian Gardner and Dan Shaw, serve as advisory and capital partners.
For more information, visit philo.ventures.