VCs and angels back cheeky lingerie firm
BeCheeky secures £630,000 deal to expand its offering
BeCheeky.com, the online retailer which specialises in selling hard-to-find lingerie, has secured £630,000 venture capital and private funding.
The investment comes from the YFM Group, managed by the South West Venture Fund, which has invested £200,000 with the rest from angel investors. The £1m turnover company was founded in 2005 by husband and wife team James and Sarah Akin-Smith to take advantage of the growing demand for high quality sensual women’s lingerie. It currently offers over 1,200 individual lines from brands such as Bracli, Lola Luna, Morgan, Princess Tam Tam and Sensualle, and attracts 130,000 unique users per month. The funding will assist in boosting marketing efforts and widening the product ranges. The U.K. lingerie market has achieved growth of 27% over the last five years and is now worth over £1.5bn per annum. CEO James Akin-Smith said: “The funding from the South West Ventures Fund comes at an exciting time for our company, as it will enable us to expand the ‘best of the best’ ranges we carry and concentrate on achieving further growth in what is a rapidly developing market. “We believe we have identified a niche in the market for a supplier of the best branded lingerie and swimwear from around the world. “There is a growing demand among mature and increasingly self-confident consumers for affordable pleasures such as high quality sensual women’s lingerie. We are confident that with this funding and our approach to product selection, we will be able to maintain a high-growth strategy.” Nick Simmonds, investment manager at South West Ventures Fund, said: “BeCheeky.com’s rigorous and professional business approach means that it is well-positioned to take advantage of the growth of the lingerie market and the growth in the online shopping market in general. “We are impressed at the systems already put into place by BeCheeky.com and are pleased to offer further support that will enhance the growth of this thriving business.” © Crimson Business Ltd. 2007