SportPursuit scores £9.5m investment from Scottish Equity Partners
Young Gun-founded flash sales site plans to monopolise European premium sports apparel clearance market
SportPursuit, the UK's first ever flash sales site for sport, has raised £9.5m in a Series C funding round led by Scottish Equity Partners (SEP), Grafton Capital and existing investor Draper Esprit.
Founded in 2011 by Young Guns Adam Pikett, Victoria Walton, Luke Pikett and Rhys Jones, SportPursuit offers exclusive week-long deals of 40-70% off RRP on over 1,000 high-end sports brands including Berghaus, Marmot and GoPro.
Delivering to over 40 countries around the world, the 2015 Startups Awards finalist currently has over two million members and has developed its service to include six currencies and four languages – with international sales accounting for 15% of revenue.
With premium sports brand clearance estimated at £10bn across Europe, the investment will enable the business to “accelerate” expansion and take a significant share of the market.
The deal follows an earlier Series B round in February 2014 where it raised £5m from DFJ and high-profile backers such as Secret Escapes co-founder Alex Saint and Zoopla founder Alex Chesterman.
SportPursuit's Adam Pikett, commented: “The vision was always for SportPursuit to be an international business and the way our new territories have grown has reinforced that vision. This investment enables us to accelerate our expansion and really capitalise on our mission to be the pan-European market leader.
“We’re delighted to bring SEP and Grafton on board. We wanted to work with investors with significant experience of funding high growth online businesses with an international presence.”