The investment comes off the back of its 15-fold increase in annual sales since its launch in 2019 and expanding retail footprint, which has grown to 12 stores across the UK and Ireland. Its continued growth to date has been supported by a 4-million-euro capital raise, which has been focussed on internationalising the business.
The 17 million euros funding will be used to accelerate international growth for Gym+Coffee, with the brand looking to target new markets like the UK and Germany, which is Europe’s largest athleisure market.
The money will also help the brand continue its brand ambassadorship programme to develop relationships with sports organisations, athletes and health and wellness leaders, as well as develop its sustainability initiatives. Gym+Coffee is already carbon neutral and it has pledged to utilise the funding to develop its strategy further towards B Corp status.
Gym+Coffee targeting further expansion in the UK as well as Germany
Niall Horgan, chief executive of Gym+Coffee, said in a statement: “It’s been a rollercoaster for 5 years and we are really proud of what we’ve achieved so far. We have built a strong foundation, but we know we have loads to improve on to become a global player in this space.
“We have huge ambitions for Gym+Coffee. Our team and community have given us so much support to date and we want to make sure we match that support with a relentless drive to grow our business in a way that makes us and them proud.”
Gym+Coffee was founded by Niall Horgan, Diarmuid McSweeney and Karl Swaine in 2017, and has several notable shareholders including pop star Niall Horan, who acquired a minority stake in the company in April 2021, rugby legend Brian O’Driscoll and the Davy EIIS fund.
Commenting on the deal, Roy Barrett of Castlegate Investments, said: “Gym+Coffee is already a fantastic Irish success story and an exciting brand with huge potential to be a global success story. Their product is best in class and the passion they have for their community is unique and genuine. We’ve been very impressed by the management team and their vision for the future, and we are delighted to help support them on the next stage of their journey.”
Horgan added: “Castlegate is a dream partner for us, they really believe in our vision and we know they will bring a wealth of experience and knowledge to Gym+Coffee that will be instrumental in the coming years. We are delighted to officially have them part of the Gym+Coffee team and we are very excited to work together.”
As well as having 12 retail stores, Gym+Coffee sells its collections across the UK, Europe, the US, Australia and New Zealand via its e-commerce.