SportPursuit secures £5m Series B funding
LOVEFiLM co-founder and Secret Escapes CEO amongst backers of sporting flash sales site
Sports apparel flash sales site SportPursuit today announced it has secured £5m in new capital, set to back a new phase of growth for the business.
Founded in 2012, SportPursuit’s offering is similar to US-based site The Clymb, offering its members limited-time discounts on apparel from leading sports brands such as Marmot, Helly Hansen, Canterbury, Garmin, GoPro and Icebreaker.
Since launch the site has grown to 1 million members, and claims to have more than 600 brands signed up to the service.
The current £5m funding round brings the total raised by the site to around £6.4m, and was led by London-based venture capital firm DFJ Esprit, with participation from Silicon Valley Bank.
TechCrunch reported that a number of other high-profile investors participated in the round, including chairman of Graze.com and co-founder of LOVEFiLM William Reeve, Alex Chesterman, founder of Startups 100 company Zoopla, and Alex Saint, founder of Secret Escapes – also listed on Startups 100.
The funding will be used to add new brands to the network in the UK, bolster the company’s product line, and expand into Europe, with markets in Scandinavia particularly targeted.