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  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-09-07 00:00:00",
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  "notes": "Uses a 'before/after' style visual evidence to imply a strategic exit or distancing by the investor.",
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      "kind": "callout",
      "text": "In the past, bulls could have pointed to the involvement of former LULU executives participating in early FIGS funding. For example, Campfire Capital led its Series A Financing with a $5 million investment in May 2016. Campfire's partner, Christine Day, was the ex-CEO of LULU. By Jan 2018, FIGS received a larger investment from Tulco, a noted entertainment and technology investor. Campfire's website removed FIGS from its portfolio after the Tulco investment, well before it ever become the next LULU.",
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      "kind": "callout",
      "text": "Campfire's website removed FIGS from its portfolio after the Tulco investment, well before it ever become the next LULU.",
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      "kind": "image",
      "text": "Campfire Website (Jan 2018) No Longer Shows FIGS",
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      "kind": "paragraph",
      "text": "Campfire Capital, a venture capital group with a differentiated model of providing financing combined with access to its renowned group of North American consumer and retail experts, announced today it is leading a $5 million Series A round for purpose-led medical apparel startup FIGS.",
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      "kind": "quote",
      "text": "In addition to capital, what entrepreneurs really need is access to the broad expertise required to build a successful retail business. We see a tremendous opportunity to leverage Campfire's collective experience and relationships to further brand and scale FIGS to transform this $9 billion unbranded industry. — Christine Day, Partner at Campfire, current CEO of Luvo and ex-CEO of lululemon",
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      "text": "Source: Campfire Capital Leads Series A Financing For FIGS (Prweb) 1) FIGS PR, Jan 23, 2018",
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      "kind": "source-note",
      "text": "Source: Wayback Machine, Campfire-Capital (Dec 2017) vs. (Jan 2018)",
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      "kind": "title",
      "text": "While lululemon Executives Were Quick To Cash Out of FIGS...",
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