- Danielle Wightman-Stone |
London - Premium British cycling apparel brand Le Col has raised 2.35 million pounds from Puma Private Equity to fuel further growth, with the opportunity to increase the investment to 3.5 million pounds.
Founded in 2011 by ex-professional cyclist Yanto Barker, the London-based Le Col has become known for its high-performance technical performance cycling apparel and earlier this year announced that it was collaborating with Tour de France champion and Olympic Gold medalist Sir Bradley Wiggins on his own cycling apparel line, Le Col by Wiggins.
The company has stated that it will use the funds to expand, with the goal of creating a “truly global brand” by continuing to accelerate its growth strategy. The funding comes after the brand raised 1 million pounds from crowdfunding in 2017, funding that Le Col says has already been “put to good use” as the brand is set to treble its overall revenues in 2018. The deal will also see Tommy O’Sullivan, Puma Private Equity’s managing director joining Le Col’s board.
Commenting on the investment, Yanto Barker, Le Col Founder, said in a press release: “We are delighted to welcome Puma Private Equity on board, their support will be key in facilitating the next phase of Le Col’s growth. The gains we’ve made in 2018 have been exceptional and this investment will be instrumental in taking our market leading product to a global cycling audience.”
O’Sullivan added: “Guided by Yanto’s performance insight, design expertise and drive for perfection, Le Col is becoming the go-to brand for cyclists looking for the best kit. Our investment will support the team to leverage the explosive growth it has achieved over the last 12 months, ensuring Le Col continues on its exciting journey.”
UK-based Puma Private Equity is part of Puma Investments and delivers funding to SMEs in all sectors around the country, with a focus on partnering with management teams to accelerate business growth. This year, it has completed 15 million pounds of investment in companies including NRG Gym, Sunlight Education Nucleus, Somerton and Capital Karts.