The funding will be used to grow the company’s digital business, physical footprint, and wholesale distribution, as well as launch new products such as activity-specific sneaker lines.
The investment round, which Gap and consumer fund Iris led, was part of an $8 million Series A funding round. It comes nearly a year after Gap signed a multiyear sponsorship deal with Felix, the most decorated female track and field star in U.S. history.
“When we signed Allyson Felix as our first-ever sponsored athlete in 2019, we knew we wanted to do things differently by supporting her as a mom, athlete and advocate,” said Athleta CEO Mary Beth Laughton. “Today, we are proud to continue supporting Allyson as an entrepreneur while fueling growth to the Athleta brand with our investment in Saysh.”
Under the terms of the deal, Gap now has a 2% equity stake in Saysh.
Up until 2019, Felix was sponsored by Nike, but her relationship with the company went sour when Nike allegedly proposed a 70% pay cut in her new contract following the birth of her son.
“My disappointment is not just with Nike, but with how the sports apparel industry at large treats female athletes,” Felix wrote in the Times in May.