NOBULL Valuation, Funding & Investors

NOBULL is valued at $1B as of August 2026.

Last NOBULL valuation

$1B

Undisclosed stage · Aug 2026

Last NOBULL funding round

Undisclosed stage

Amount undisclosed · Aug 2026

Cumulative funding NOBULL raised

$152M

across 6 funding rounds

Key investors in NOBULL

  • Rashaun Williams
  • 32 Equity
  • Dynasty Financial Partners

NOBULL Overview

About NOBULL

NOBULL is an athletic footwear and apparel company based in Boston, Massachusetts. It was founded by Marcus Wilson and Michael Schaeffer, two former Reebok colleagues, and its name is short for no bullshit. The brand makes minimalist training shoes and sportswear built to be durable across a range of movements, initially for the CrossFit community, and has since expanded into other sports. It was title sponsor of the CrossFit Games from 2021 to 2023, signed a six-year partnership with the PGA Tour in 2022, became official sponsor of the NFL Scouting Combine from the 2023 season, sponsors San Francisco 49ers quarterback Mac Jones and sponsored the UFL for its 2026 season. NOBULL grew strongly during the COVID-19 pandemic and raised $32 million in 2021 at a $500 million valuation, then cut about 35% of its staff, around 75 workers, in December 2022. Entrepreneur Mike Repole took a majority stake in July 2023. In January 2024 Tom Brady agreed to merge his health and apparel brands into the company and become its second-largest shareholder.


Founded

2014

HQ

United StatesBoston, MA

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Valuation

$1B (Aug 2026)

NOBULL Valuation

NOBULL is currently valued at $1B, based on its undisclosed-stage round in August 2026.

The round was led by Dynasty Financial Partners.

NOBULL's valuation has moved from $1B at its undisclosed-stage round in January 2026 to $1B in August 2026, across 2 priced rounds.

NOBULL valuation by funding round

NOBULL valuation by funding round
DateStageValuation
Aug 2026Undisclosed stage$1B
Jan 2026Undisclosed stage$1B

NOBULL Funding History

NOBULL has raised a total of $152M across 6 funding rounds.

NOBULL's first fundraising round was a $5M seed round in November 2019. The most recent completed round was a undisclosed-stage round in August 2026.

NOBULL funding rounds

NOBULL funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2026Undisclosed stageDynasty Financial Partners (lead)-$1BDynasty Financial Partners completed a co-investment in NOBULL at a $1 billion valuation in August 2026, acquiring roughly 3% of the footwear and training brand through a special purpose vehicle alongside Driven Capital, the family office of Mike Repole. The transaction came as Dynasty said it had closed more than $200 million across private markets funds over the prior nine months, including its Dynasty Growth Equity & Coinvest I fund, which closed at $110 million. The investment fits Dynasty’s push further into private markets and adds exposure to a brand with major sports and consumer recognition, co-owned by Mike Repole and Tom Brady. The deal was structured as a co-investment rather than a control acquisition, aligning Dynasty with another sponsor while taking a minority stake. NOBULL is a footwear and athletic apparel company focused on training and performance products, backed by high-profile owners and previously reported at a $1 billion valuation. The company operates in the athletic brand sector and is positioned around performance apparel and sneakers, with Dynasty describing the asset as part of its broader private markets strategy.
Jan 2026Undisclosed stage-$50M$1BNoBull is a performance apparel brand that pivoted from a niche CrossFit outfitter toward mainstream wellness positioning. In July 2023, beverage entrepreneur Mike Repole acquired a majority stake in the struggling company, which had undergone significant restructuring including a 35% staff reduction in early 2023. In January 2024, six months after Repole's acquisition, NoBull merged with Tom Brady's TB12 and Brady Brand, making Brady a co-owner alongside Repole. The company raised $50 million in funding at a $1 billion post-money valuation announced in February 2026, marking the first major financing round since Repole's acquisition. As part of this strategic expansion, NoBull launched a nutrition division starting with protein and electrolytes, while TB12 wound down its independent operations. The company aggressively expanded its athlete and influencer partnerships, signing social media personality Livvy Dunne and New York Islanders player Matthew Schaefer as endorsers to capture younger demographics and broaden the brand's lifestyle positioning beyond traditional athletic wear.
Oct 2023Undisclosed stage-$70M-NOBULL is an athletic apparel and footwear brand originally tied to CrossFit, which faced challenges including staff reductions in early 2023 before majority acquisition by Mike Repole. Repole, known for selling Vitaminwater and BodyArmor to Coca-Cola, absorbed Tom Brady's TB12 brand into NOBULL in 2023, positioning it as a comprehensive wellness company expanding into nutrition with products like grass-fed protein and electrolyte powders. The company has secured partnerships such as the NFL Combine, NHL, and endorsements from figures like Robin Arzón and Livvy Dunne to broaden beyond niche fitness. A $70 million funding round occurred in 2023 at a high valuation following Repole's acquisition; revenue was reported at $58.7 million in 2021, with later projections indicating stagnation and below 0% growth expected for 2025. A separate $50 million round in early 2026 achieved a $1 billion valuation, marking the first major financing since 2023 and funding the nutrition pivot while winding down TB12 operations. NOBULL aims to challenge giants like Nike, Hoka, and On by targeting mainstream wellness across apparel, footwear, and supplements, leveraging Repole's beverage expertise and Brady's involvement.
Dec 2022Strategic investment32 Equity--NFL owners approved an investment by the league's venture arm 32 Equity in NOBULL, the Boston-based training footwear and apparel brand, in December 2022, as reported by Front Office Sports on 20 December 2022. The size of the investment and the stake were not disclosed. NOBULL had struck a deal in October 2022 to become the official training partner of the NFL Scouting Combine, and the investment followed the league's practice of taking equity in companies it partners with. At the same meeting, NFL owners agreed to contribute a further USD 5 million each, or USD 160 million in total, to 32 Equity, bringing owners' total contributions to the fund to USD 256 million, not counting redeployed income. NOBULL had been valued at USD 500 million in a fundraising round in April 2021. The company was founded in 2014 by Marcus Wilson and Michael Schaeffer and sells training shoes, running shoes, apparel and accessories direct to consumers online and through retail partners, with a brand built around CrossFit and functional fitness. It had expanded into performance running in 2022. 32 Equity's other holdings at the time included Fanatics, Hyperice, Appetize, Skillz and STRIVR, companies that also work with the league.
Jan 2021Undisclosed stageRashaun Williams$27M-NOBULL is a performance fitness apparel and footwear brand founded in 2015, targeting high-intensity training enthusiasts with minimalist, durable products positioned against traditional gym wear giants like Nike and Under Armour. The company gained traction through partnerships with CrossFit athletes and celebrities, emphasizing functionality over fashion. In January 2021, NOBULL reportedly raised approximately $27 million in a funding round with participation from Rashaun Williams, a music executive and investor. This round came amid NOBULL's growth phase post-2018 acquisition of certain CrossFit sponsorship rights, boosting brand visibility. The fitness apparel market was competitive, with direct-to-consumer brands like Gymshark and Alphalete challenging incumbents via social media marketing. Following 2021, NOBULL continued expanding retail presence and product lines, including shoes, apparel, and accessories, but shifted focus toward private equity in later years rather than additional VC rounds.
Nov 2019Seed-$5M--

Who has invested in NOBULL?

3 investors have backed NOBULL across its funding rounds, including Rashaun Williams, 32 Equity and Dynasty Financial Partners.

Lead investors include Dynasty Financial Partners.


NOBULL Investors

Investors in NOBULL by funding rounds participated
InvestorHQRoundsRoleFirst check
Rashaun WilliamsUnited StatesAtlanta, GA1ParticipantJan 2021

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NOBULL Competitors

NOBULL competitors include listed companies like Johnson Health Tech, Giant Manufacturing Co., Fusheng Precision and Winnebago Industries, and private ones like Gymshark and Positec.

Public and private companies comparable to NOBULL
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Johnson Health TechTaiwanTaiwanPublicly listed$1.7B$170M$1B0.8x
Giant Manufacturing Co.TaiwanTaiwanPublicly listed$1.8B$129M$1.1B0.6x
Fusheng PrecisionTaiwanTaiwanPublicly listed$905M$163M$1.1B0.9x
Winnebago IndustriesUnited StatesUnited StatesPublicly listed$2.7B$125M$892M0.4x
GymsharkUnited KingdomBirminghamPrivate$343M-$1.3B3.9x
PositecChinaSuzhouPrivate--$2B-

NOBULL Public Comps

NOBULL is still privately-owned, but its public comps include Johnson Health Tech, Giant Manufacturing Co., Fusheng Precision, Winnebago Industries, Helen Of Troy, Harvia, Toread Holdings Group, MIPS, Dometic Group and Genda.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Johnson Health Tech$1.7B$170M0.9x0.8x8.5x8.8x
Giant Manufacturing Co.$1.8B$129M0.6x0.6x8.1x7.2x
Fusheng Precision$905M$163M1.1x0.9x5.8x5.2x
Winnebago Industries$2.7B$125M0.4x0.4x9.5x9.4x
Helen Of Troy$1.8B($728M)0.9x0.9x(2.2x)7.8x
Harvia$223M$48M4.2x3.7x19.2x16.2x
Toread Holdings Group$207M$14M5.7x4.3x82.7x42.9x
MIPS$54M$18M23.0x15.4x70.9x36.0x

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Common questions about NOBULL

When was NOBULL founded?NOBULL was founded in 2014.
Where is NOBULL headquartered?NOBULL is headquartered in Boston, MA, United States.
Is NOBULL publicly listed?No, NOBULL is a private, VC-backed company.
What is NOBULL's valuation?NOBULL was last valued at $1B in its undisclosed-stage round in August 2026.
How much funding has NOBULL raised?NOBULL has raised $152M across 6 funding rounds.
What was NOBULL's last funding round?NOBULL's last funding round was a undisclosed-stage round in August 2026, led by Dynasty Financial Partners.
Who are NOBULL's investors?NOBULL's investors include Rashaun Williams, 32 Equity and Dynasty Financial Partners.
Which companies are comparable to NOBULL?Companies comparable to NOBULL include Johnson Health Tech, Giant Manufacturing Co., Fusheng Precision, Winnebago Industries, Gymshark and Positec.

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