District Ventures leads US$20m growth investment in Canadian underwear brand Huha

Canadian sustainable underwear brand Huha has secured a US$20.0m ($31.0m) growth investment led by Canadian venture capital firm District Ventures Capital, supporting the brand’s product expansion and international growth plans.

Transaction snapshot

• Deal value: US$20.0m ($31.0m)

• Deal multiples: N/A

• Deal type: Venture capital growth investment

• Investors: District Ventures Capital (lead); Export Development Canada (co-investor)

Founded in 2019 by entrepreneur Alexa Suter, Vancouver-based Huha designs women’s intimate apparel using breathable, tree-derived fibres and mineral-infused fabrics aimed at improving comfort and intimate health. The company is best known for its “Mineral Undies” range, which uses fibres such as TENCEL and SMARTCEL combined with antimicrobial zinc-oxide liners.

The round marks District Ventures Capital’s largest investment to date and is also described as the largest deal in the 20-year history of Canadian TV show Dragons’ Den, where Suter originally pitched Huha on Season 18 and agreed a deal with District Ventures founder and general partner Arlene Dickinson.

Huha plans to use the new capital to continue product innovation, strengthen its position in the women’s underwear category, and expand into new markets. The brand has already extended beyond underwear into bras, tanks, boxers and shorts, with sizing from 2XS to 3XL, and positions itself around fit, comfort and functional fabrics designed to support rather than compromise women’s wellness.

For District Ventures, the investment aligns with its strategy of backing Canadian consumer packaged goods brands in the food, beverage, health and wellness segments. The firm manages around $100m through its first fund, with additional capital being deployed from a second fund, and provides portfolio companies with commercial, marketing and programming support alongside capital.