Sportswear brand Castore has announced the closing of a 145 million pound investment funding round as it looks to move into its next stage of growth.
Led by growth equity fund Raine Partners, with participation from Hanaco Ventures and Felix Capital, the funding aims to support Castore on its continued mission to “disrupt the premium sportswear market and global team sports landscape”.
Founded in 2016, the brand and digital platform has already partnered with 50 global franchises in sport, catering to an end-market that it says is “highly underserved, unsatisfied and thirsty for innovation”.
With the capital raise, the company is hoping to further develop this breadth and expand the reach of its mainline product range, while continuing to invest in its infrastructure system to support growth ambitions.
Continued investment into supply chain, data and infrastructure
In a joint statement, Tom and Phil Beahon, co-founders of Castore, said: “We are delighted to have secured the backing of highly reputable equity partners that will add significant value to all aspects of Castore’s business model – our team relationships, our sportswear brand and our omni-channel retail operations.
“We are confident these are the right investors to take us to the next stage of our growth, who share our passion for high quality sports apparel, and, in addition to capital, will bring expertise and access to new markets.”
The duo added that the investment would also help support its development of its supply chain, as well as the enhancement of its data analytics capabilities.
The continued: “There is huge demand out there for Castore and this will enable us to continue to deliver great products, service and choice to our sports industry partners and consumers, and to take on the established players in the global sports apparel market.”