Smart clothing start-up Prevayl scores with £7.5m investment
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Manchester sportswear start-up Prevayl has scored £7.5m investment to grow its tech-based luxe sportswear offering.
With investment from digital-first consumer brand investment firm Stonebridge, headed up by direct-to-consumer entrepreneur James Cox, known for his involvement with Simba Sleep, Mahabis and Torque Brands, Prevayl is looking to launch to consumers in Q4 of 2021.
The company was founded in April 2019 by former personal trainer Adam Crofts, alongside serial entrepreneur David Newns, after they spotted a gap in the market for a connected clothing brand that would look “considered, feel great and provide exemplary performance data.”
Prevayl CEO Adam Crofts said: “To secure £7.5m pre-revenue is testament to the whole team.
“Partnering with Stonebridge has undoubtedly been a leg up for the business. It’s providing us access to the Torque Brands e-commerce platform, which will accelerate our ability to scale, whilst offering our community a slick user experience – helping us fulfil our global ambitions.”
The investment will be used to drive its launch and expansion, kit out its laboratories and fitness areas with data testing facilities, alongside new hires, enhancing garment design, continued innovation and IP creation and developing an infrastructure to facilitate its growth.
Stonebridge’s James Cox said: “What the company has created over the last 24 months is quite amazing and sits right in the sweet spot of what we believe consumers want. The founders are world-class and well on the way to disrupting another large global market.”