Cycling brand Vulpine doubles Crowdcube target to raise £1m
Perfomance clothing start-up backed by Chris Hoy will expand into international markets and develop a new “Made in Britain” range
Cycling clothing brand Vulpine has closed an overfunded crowdfunding campaign on Crowdcube two weeks early, after doubling its initial target of £500,000.
Over 600 investors participated in the round, which saw the company raise £1,026,280 for a 17.03% equity stake in the business. The largest single sum was £50,000.
Founded in 2012 by “passionate cyclist” Nick Hussey, Vulpine produces other 86 performance cycling kit garments to be worn on and off the bike which combine technical fabrics with classic items such as the Harrington Rain Jacket – its biggest seller.
The Lancashire-based brand can now be found in 88 retail locations, mostly in the UK, and has entered into a partnership with Olympic cyclist Sir Chris Hoy to create HOY Vulpine which focuses on the performance end of the market.
The company claims to have more than doubled its turnover year-on-year hitting £966,000 in gross revenue for 2014 to 2015.
The funds will be used to build an international presence in the US and Asia, to expand the HOY Vulpine series, and to launch a “Made in Britain” range of high-end products constructed in Blackburn.
Hussey commented: “We were amazed to reach our target of £500,000 in just five days. We’re so grateful to each and every investor for joining the Vulpine Story; in a way the story has only just begun.
“We are going to begin planning out how we can use some of this amazing new resource to build an even better, faster growing company. It’s a resource to be carefully metered out on the things that work.
“There will be no fancy offices, gold thrones, or cycling butlers handing out hot towels on staff rides. Investors are committing their money to make a more valuable company and get a great return later.”