With Nothing Underneath secures 2.5 million pounds in funding

British luxury womenswear brand With Nothing Underneath (WNU) has closed its first funding round, securing 2.5 million pounds from Pembroke VCT and JamJar Investments to support its international expansion plans.

The womenswear brand, founded in 2017 by Pip Durell, former Tatler editor and Vogue stylist, is inspired by men’s tailoring and offers “paired back, laid back, timeless, effortless clothing,” starting with the perfect shirt, from its ‘Boyfriend’ style, borrowed from the boys offering a relaxed fit in a longer length to the ‘Weekend’ with a comfortable boxy and oversized silhouette.

WNU, which has grown an organic celebrity following from the likes of Florence Pugh, Emily Ratajkowski and Cara Delevingne, has been profitable each year since its founding and achieved triple-figure growth of 130 percent in 2023. The brand opened its first store in London in 2022 and now plans to use part of the funds raised to expand its bricks-and-mortar footprint in the UK.

With Nothing Underneath targets expansion in the US and Europe

Alongside maintaining its focus on the UK, WNU will also use the investment to expand its presence overseas in the US and Europe, specifically in the DACH region (Germany, Austria and Switzerland), tapping into international demand for British heritage styling.

Additionally, WNU will use the funds to make key hires to strengthen its senior leadership team and further develop new product lines, following recent success with the launch of trousers in September.

Commenting on the funding round, Pip Durell, founder of With Nothing Underneath, said in a statement: “We are thrilled to close our first fundraise, securing two experienced and knowledgeable partners to help us to take WNU to the next phase of growth.

“We have built WNU on the core tenants of great product, customer first sensibilities and staying true to our brand values, and we look forward to continuing our journey with added financial support and broader retail knowledge with great partners who respect and share our vision.”

Pembroke VCT and JamJar invest in Pip Durell’s With Nothing Underneath

The first round of funding was led by Pembroke VCT, the venture capital trust founded by Andrew Wolfson, which focuses on backing early-stage businesses with innovative founders, alongside JamJar Investments, which invests in early-stage consumer companies.

Pembroke, which will also act as a strategic partner to support Durell and her team in the next phase of growth for WNU, has backed several successful UK companies, including fashion brand Tala, Me+Em and Pasta Evangelists. The venture capital trust’s portfolio is over 30 percent female-founded businesses, even though only 2 percent of venture capital funding goes to businesses founded by women.

Andrew Wolfson, chief executive of Pembroke Investment Managers, said: “With Nothing Underneath holds a unique position in the womenswear market. Pip and her team have built a fantastic brand around one staple item, the shirt – an essential in most women’s wardrobes.

“It has become a standout in the fashion industry and early growth metrics have given us conviction in the brand. This investment will enable this emerging British heritage brand to enhance its product range, assist with growth, and support WNU’s international reach.”

Emily Bullman at JamJar Investments, added: “We’re obsessed with this cult classic and its proudly British roots. WNU hits the sweet spot for modern consumers hunting down high-quality, affordable essentials. Pip and her team have their finger on every pulse, steering the brand with laser-sharp vision.

“By blending timeless design with British heritage nostalgia, WNU doesn’t just resonate – it sticks with every generation, building loyalty that lasts longer than your favourite shirt.”