The British cycling brand Huez has managed to secure a quarter of a million pounds in investment using a crowd investment platform, allowing it to expand.
Nearly 250 investor pitched in to fund the brand, which uses advanced sportswear fabrics to create what it says is “a truly stylish range of cycling clothing”.
Huez said: “We were one of the cycling brands selected by Matches Fashion and since launching on their site have had multiple repeat orders.
“Recently we have agreed wholesale orders for our Spring Summer 2017 collection and received interest from cycling shops in Paris, Vienna, Madrid and London. These include names such as Harvey Nichols and Farfetch which together reach close to 13m users per month.”
The funding will allow 10 new menswear pieces to be developed, along with a new womenswear line.
It will also put funds towards continuous growth of its online strategy, hire a marketing manager to deploy strategy with sponsorship, online ads, print ads and key events. It is also looking to grow its wholesale accounts in the UK and internationally by appointing new sales personnel and deploying a marketing campaign.
The funding round remains open, with an overfunding goal of £500,000.