A triathlon clothes and accessories business backed by the Olympic medal-winning Brownlee brothers has attracted £575,000 of investment within hours of launching a fundraising campaign.
Derby-based Huub put out an invitation to investors so that it could expand its range and target international growth.
It makes clothing and accessories such as wetsuits, triathlon suits, cycle wear, goggles and rucksacks.
Huub initially planned to raise £250,000, but smashed that figure within a matter of hours of launching a private funding round.
Alistair and Jonathan Brownlee, who won triathlon medals at the 2012 and 2016 Olympics, became the first to put their money in.
They have worked with Huub since 2013 after founder Dean Jackson asked them to try one of his wetsuits and now have their own Huub ‘Brownlee’ range.
The initial private round of investment came ahead of a public launch on the Crowdcube platform.
The highest level of the investor rewards pile – which includes equity in the business – is a “Black” investment option, providing the opportunity to spend a training week with Alistair and Jonny Brownlee in Spain.
A “Diamond” option promises investors the opportunity to enjoy a training weekend with the pair in Yorkshire.
Management said the business saw 32 per cent year-on-year growth between 2015 and 2019 and last year had a turnover of £4.8 million.
Huub wants to tap into a recent boom in outdoor and endurance sport which has been boosted by the temporary closure of gyms during the coronavirus lockdown.
A spokesman said: ”Despite the triathlon competition schedule being wiped out during 2020 as a result of the coronavirus pandemic, HUUB’s 2020 turnover is on a par with last year’s as endurance sport take-up has soared during lockdown.
“The business has experienced a huge increase of 681% in cycling apparel sales, as well as a significant diversification in audience demographic for their products across the board.
“Specifically, women’s wetsuit sales are up 68 per cent and there has also been a shift in the average customer age.”
Dean Jackson, who launched the company as a wetsuit specialist in 2011, said: “This crowdfunding campaign is designed to help accelerate the growth we are experiencing on so many fronts and, I believe, offers a really exciting opportunity for those in the endurance sport community and beyond to invest in a brand that is on a steep upwards trajectory.
“With both the Brownlee brothers already onboard, investors know they will be in the good company of two of Britain’s most successful Olympic athletes.
“Alistair and Jonny have been pivotal in our trajectory to get to where we are now and their feedback from an athletic standpoint will continue to be fundamental in producing the best products for our customers.
“We are at a really exciting stage of our growth, with new categories performing incredibly strongly and our product range across the board continuing to appeal to professional and amateur athletes alike.”
