HUUB Secures Pre-Launch £575,000 Crowdfunding
British triathlon apparel brand HUUB blew past the minimum Crowdfunding target of £250,000 prior to its public release on October 28, securing £575,000 of investment in a private pre-launch.
I the current climate of an endurance sports boom Derby based brand HUUB launched a Crowdcube crowdfunding campaign to accelerate growth in the business that will allow them to expand into new territories.
The triathlon season has been turned upside down due to a result of the Covid-19 pandemic, however, HUUB’s business has had an increase of 681% surge in cycling apparel sales during lockdown. Most notably there has also been a large growth in the number of women taking up endurance sports.
The brand originate from being an innovative leading swimwear and triathlon categories, but have since over the years expanded into all endurance sports. They have incorporated and focused on taking a scientific approach, as well as encompassing athlete feedback in the development of its products.
Between 2015 and 2019, HUUB said it had achieved sales growth of 32% year-on-year.
Long-time sponsored Olympic medalists Alistair and Jonny Brownlee have been among the first to be involved in the campaign and become investors.
A company statement said that prior to the cash injection the firm’s 2020 turnover was on course to at least equal last year’s £4.8 million. The U.K.’s triathlon apparel market is estimated to be worth £60 million.
The campaign becomes viewable to all on Crowdcube on Wednesday morning.
