Sportswear firm raises £575,000 in 24 hours
Derby based endurance sportswear and accessories firm HUUB has smashed through its £250,000 minimum crowdfund target in just two hours.
With double Olympic medalist and world champion brothers Alistair and Jonny Brownlee the first to invest in the raise, the business has now more than doubled its original target to secure £575,000 of investment in just 24 hours ahead of tomorrow’s public launch.
At the top of their investor rewards pile is their ‘Black’ investment option, providing the opportunity to spend a training week with Alistair and Jonny Brownlee in Spain, while their ‘Diamond’ option promises investors the opportunity to enjoy a training weekend with the pair in Yorkshire.
in 2019, HUUB turned over £4.8m and from 2015 to 2019 the company has on average achieved sales growth of 32% year-on-year.
Despite the triathlon competition schedule being wiped out during 2020 as a result of the coronavirus pandemic, HUUB’s 2020 turnover is on a par with last year’s as endurance sport take-up has soared during lockdown.
The business says it has seen a 681% increase in cycling apparel sales, as well as a significant diversification in audience demographic for their products across the board.
Specifically, women’s wetsuit sales are up 68% and there has also been a shift in the average customer age.
Money raised through the Crowdcube campaign will be used by HUUB to accelerate growth into new territories, and through category expansion and extension.
