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Gents —

Super excited to bring you the first deal, which was brought to us by Litquidity Ventures, who we’ll be working with quite a bit.

Before diving into the details below, note that the Litquidity Team will be hosting a Q&A call with the founders of TRUE Linkswear later today, December 15th, at 1:00 PM ET.

If you’d like to join, simply reply to this email, or send me a note at [email protected]. You can also text me directly; you should have my cell.

With that said, we’ve outlined the opportunity below with a robust summary, macro snapshot, financials, deal terms, investment memo/deck, and important dates.

And before we dive in, here’s something that I will remind you of every deal:

We’ll be holding a roundtable to discuss this opportunity after today’s call with the founders. More details to follow. Let’s jump in.

TRUE is one of the fastest-growing, modern golf and lifestyle footwear and apparel brands. The company is positioned at the intersection of performance and everyday wear.

Founded by brothers Jason Moore and Ryan Moore (5-time PGA TOUR winner), TRUE has built a strong reputation as an authentic, high-quality alternative to legacy incumbents.

The company has grown from <$1M of revenue in 2017 and is forecast to reach $32M in 2026.

TRUE is now the #8 golf footwear brand in the U.S., ahead of Under Armour and just behind G/Fore, with an expanding apparel and lifestyle business layered on top.

TRUE is raising $10M through a convertible promissory note to fund its next stage of growth. The note comes with some very attractive and investor-friendly terms (see below for more details, as well as access to the deck & memo)

The round was anchored by Major Champion golfers Jon Rahm, Brooks Koepka, and Old Tom Capital, a golf-focused venture fund. Other investors include numerous professional athletes, the owner of one of the largest new publications, popular PGA Tour professionals, and KarpReilly, a well-respected CPG fund.

Beginning in early 2026, TRUE will also become the official footwear partner of Good Good Golf, expanding its reach to one of the most influential next-generation golf audiences. These relationships create an authentic brand halo that differentiates TRUE from legacy incumbents.

TRUE operates in a large and growing category: global golf footwear is an estimated $9B market today, forecast to reach $13–14B over the next decade, with younger golfers trading out of legacy brands into performance + lifestyle challengers — similar dynamics to what powered On and Hoka in running.

Over time, TRUE’s product line increasingly straddles golf, outdoor, and everyday wear, tapping into a much larger lifestyle $330B global leisure footwear market.

On the revenue side, TRUE expects to ramp revenue by 50% in 2026 to $31.5M and to $44M in 2027. This visibility into revenue is driven by TRUE’s mainly by a big step-up in wholesale (largest pre-booked orders ever, more doors and SKUs at key retailers, and continued international distributor ramp including South Korea). Pre-sales for 2026 wholesale includes purchase from Scheels, Dick’s, PGA Tour Superstore, Costco, Golf Galaxy, Stitch Fix, and others.

Additional upside comes from DTC scaling (4:1x LTV:CAC) off higher brand awareness and the first full-year contribution of new lifestyle/trail/walk/run categories layered onto the core golf business.

On profitability, the September 2025 transition to a global 3PL partner (NRI) has permanently reset TRUE’s cost base. The shift is expected to generate ~$1.56M in savings in 2026 and $6.25M in cumulative efficiencies through 2028, positioning the company to scale with meaningfully lower overhead while maintaining ~63% gross margin. EBITDA is expected to turn positive at $2.5M in 2026 rising to $5.4M in 2027.

TRUE is led by a seasoned leadership team with deep consumer, wholesale, and financial experience, supported by influential athlete investors and ambassadors including Jon Rahm, Brooks Koepka, and a broad roster of PGA TOUR, LIV Golf, and multi-sport professionals.

With expanding wholesale distribution, accelerating international demand, improving direct-to-consumer efficiency, and a leaner operating model, TRUE is well-positioned to drive profitable growth and capture meaningful market share.

Together, these dynamics create a strong foundation for multiple exit pathways including strategic acquisition, a private equity roll-up, or an eventual public offering as the brand scales into broader lifestyle categories.