Octopus leads $3m backing of winter sports brand Faction
Investment follows previous $3m round in October 2012
Luxury winter sports brand Faction today announced the completion of a $3m funding round, led by veteran investment manager Octopus Investments.
Founded in 2006 by web entrepreneur Alex Hoye and Tony McWilliam, Faction designs and sells its own range of high-end ski equipment and luxury winter apparel.
The East London-based company places a strong emphasis on ski ‘culture’, with both co-founders keen skiers, and Faction says this ethos is imbued in every aspect of its business.
The $3m Octopus-led investment follows a previous funding round last October and brings the total invested in the company to $6m over 12 months.
Prominent London angel investors also participated in the round, including former Atlas Ventures partner Christopher Spray and the London Harvard Business School Alumni Angels group. Exact terms of the deal were not disclosed.
The investment will be used to launch new product ranges and develop Faction’s presence in its key overseas markets of North America, Japan and Scandinavia, with sales expected to double over the next 12 months.
In addition to the investment, Faction also announced an innovative ‘pop-up shop’ venture, in which it will sell its products and show ski films and live events from Shoreditch cycle café Peloton.
Simon Andrews of Octopus Ventures said: “We are excited to back the entrepreneurs behind Faction, who are passionate about creating products based on exceptional design and cutting-edge technology. In addition to this, the team’s pioneering approach places it at the heart of the evolution in online distribution in sports retail.
“The launch of the pop up shop is highly demonstrative of Faction’s innovative retail strategy, and we look forward about partnering with the team as it realises its vision within this exciting market segment.”