ADDAX Overland Raises $2.5M From Philo Ventures and Appoints Marshall Smith as New CEO
Summary
ADDAX Overland, known for creating the worlds most rugged, reliable, and trailblazing overlanding products, announces a strategic $2.5 million investment of capital and resources from Philo Ventures Studio; and the appointment of Marshall Smith as CEO.The new strategic investment from Philo will enable ADDAX to further invest in innovation, manufacturing, and R&D, ensuring that production of the companys premier overlanding equipment keeps up with the growing demand.ADDAX CEO Marshall Smith is a seasoned 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 wealth of operational and manufacturing experience to fuel growth and product expansion, such as bringing the companys new Gladiator Overlanding Cap and Camper to market late this summer. Headquartered in Utah, ADDAX tests all of its products on the rugged trails of Moab, a top destination for overlanding. Led by serial entrepreneurs Chad Staheli, Cory Cozzens and Greg Whitehead, Philos 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.