Ignik Outdoors Joins NRV Portfolio
NRV led an investment round in Ignik Outdoors of Bainbridge Island, Washington. NRV will join the company’s board of directors.
Ignik produces heat-related products for outdoor enthusiasts and adventurers. Ignik was founded in 2019 by CEO Graeme Esarey, an environmentally-conscious, outdoor industry veteran with a background in product-design, manufacturing and marketing. Esarey conceived of Ignik while on the deck of a sailboat with his family in the Arctic where they encountered hand warmers that were unreliable, the need for refillable propane tanks to replace the green bottles they found drifting in the sea, and a lack of a safe heating system for tents.
The company launched with a refillable, portable propane gas growler and compostable, air-activated hand, body and device warmers. Their product line now includes heated sleep systems with a patented carbon fiber heating technology, a 2-in1 stove and the FireCan, a propane-fueled, portable fire pit designed for packing in the back of a truck or SUV. With its commitment to sustainability. Ignik donates 1% of its revenues to fight climate change in the Arctic and their products are available online and in retailers such as REI.
The pandemic drove the pursuit of more outdoor activities most recently, but according to a January 2020 National Park Service Campground Industry Analysis the so-called “experience economy” has driven steady growth from 2007 to 2018. Overall, the Outdoor Recreation Association reports that consumer spending on outdoor recreation is estimated at $184.5 billion yearly, with $31.3 billion spent on camping related products. Additionally, the desire for eco-friendly and sustainable products has been on the rise as 60% of consumers state that they “are willing to change their shopping habits to reduce environmental impact” as reported by IBM and the National Retail Federation.
“Ignik founder, Graeme Esarey, brings innovation, a commitment to sustainability and a strong desire to make a difference by growing Ignik even further. His industry knowledge, contacts and team have enabled Ignik to enter the market in a short period of time and gain national distribution,” explained Scott Ukrop, Managing Director at NRV. “No one company ‘owns’ the outdoor heating space--under one brand, across multiple categories--and we believe the team at Ignik can be the ‘go to’ brand for outdoor warmth.”
“We are delighted to be working with NRV as an investor and partner as we know we will benefit from their expertise in working with high growth companies in the consumer space,” said Ignik’s CEO and founder, Graeme Esarey. “As we introduce new products and distribution channels, we look forward to leveraging this additional capital and the partnership with NRV as we seek to expand the Ignik brand as the leader in outdoor heat.”