Total amount raised
£198.2 Millions
Latest funding date
11/1/2023
Location
Castore has successfully raised significant funding through multiple rounds, including a notable private equity round in November 2023. The brand is backed by nine investors, including Raine Ventures and Hanaco Venture Capital.
Keep reading to explore the intricacies of Castore's fundraising journey and the investors backing this innovative sportswear brand.
What Is Castore?
Castore, founded in 2016 by Philip and Thomas Beahon, is a premium sportswear brand based in London, England. The company specializes in designing and manufacturing high-performance sportswear for men, focusing on technical innovation and advanced products.
With a team of 101-250 employees, Castore emphasizes breathability, moisture-wicking, and durability in their products. They collaborate with sports science professionals and ensure their products are tested and approved by elite athletes.
Castore's commitment to quality and innovation has positioned them as a leading brand in the sportswear industry, catering to discerning athletes worldwide.
How Much Funding Has Castore Raised?
- Seed Round
- Amount Raised: £3.2M
- Date: June 2018
- Lead Investors: Redrice Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their initial product line and establish a market presence.
- Debt Financing
- Amount Raised: £50M
- Date: September 2022
- Lead Investors: Consortium of banks including HSBC, BNP Paribas, and Silicon Valley Bank
- Valuation at Round: £750M
- Motivation Behind the Round: To expand further and compete with industry giants like Adidas and Nike, and to build up stock to meet demand from new partnerships.
- Private Equity Round
- Amount Raised: £145M
- Date: November 2023
- Lead Investors: Raine Ventures
- Valuation at Round: £950M
- Motivation Behind the Round: To support international expansion and enhance product development.
Total Amount Raised: £198.2M
Current Valuation: £950M
Key Investors
- Raine Ventures
- Details: Raine Ventures is a venture capital firm that focuses on investments in the technology, media, and telecommunications sectors. They are known for their strategic approach and deep industry expertise.
- Investment Focus Areas: Technology, media, telecommunications
- Notable Investments: DraftKings, Imagine Entertainment, SoundCloud
- Redrice Ventures
- Details: Redrice Ventures is a venture capital firm that invests in early-stage companies with high growth potential. They focus on supporting innovative startups in various sectors.
- Investment Focus Areas: Consumer goods, technology, health and wellness
- Notable Investments: Gousto, Papier, Trouva
- Issa Brothers
- Details: The Issa brothers are billionaire entrepreneurs known for their ownership of Asda and their extensive investments in various sectors. They have a reputation for strategic acquisitions and business growth.
- Investment Focus Areas: Retail, real estate, various other sectors
- Notable Investments: Asda, EG Group, Cooplands
- Founders of Pure Gym
- Details: The founders of Pure Gym are entrepreneurs who established one of the leading fitness chains in the UK. They focus on investments in the health and fitness industry.
- Investment Focus Areas: Health, fitness, wellness
- Notable Investments: Pure Gym
- Andy Murray
- Details: Andy Murray is a professional tennis star who has ventured into investments, particularly in sports and fitness-related ventures. He is known for his strategic investments in startups.
- Investment Focus Areas: Sports, fitness, technology
- Notable Investments: Game4Padel, Halo Hydration, Seedrs
What's Next for Castore?
Castore's future looks promising as it eyes international expansion, particularly in the Middle East and Far East. With a projected turnover of £200 million in 2023, the company is well-positioned to leverage its new partnerships with major sports teams to drive sales and build a global presence.
As Castore continues to grow, future fundraising opportunities may arise to support its ambitious plans. However, the company will need to navigate challenges such as competing with industry giants like Adidas and Nike and managing logistics to meet increased demand. Despite these hurdles, Castore's strategic approach and strong investor backing suggest a bright future ahead.
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