A Denver-based necktie maker has tied up $640,000 of fresh funds.
Knotty Tie, a startup that aims to create employment opportunities for refugees that have resettled locally, disclosed the fundraising round in a March 22 SEC filing. Nine investors participated in the round.
The company declined to comment on the capital raise.
Knotty Tie hires refugees to produce ties, pocket squares and bow ties, all of which are designed, printed and sewn at its facility in the Santa Fe Arts District, according to its website.
Cofounders Mark Johnson and Jeremy Priest told Denver7 in 2016 that they started the company to help alleviate the difficulty that refugees, especially women, have finding employment.
“We decided that we would create a company that would really have fair compensation, benefits and a flexible schedule, so they could work as little or as much as they need,” Priest told the station.
The brand’s neckties and bow ties retail for about $40, while its pocket squares sell for about $15, according to Knotty Tie’s website, which indicates it employs at least six refugees. Customers can choose between predesigned options or customizing their own.
The startup is also a favorite of Hillary Clinton’s. The former presidential candidate gave a shout-out to Knotty Tie during her acceptance speech at the Democratic National Convention in 2016, and visited the company’s facilities during a campaign stop in Denver a week later.