Castore raises £3.2m to help fund international expansion
Premium sportswear brand Castore, which was founded in 2016 by brothers Tom and Phil Beahon, has raised £3.2m to fund its international expansion.
The funds have been raised from a group of investors that include Arnaud Massenet, ex-husband of Dame Natalie Massenet, and former Saatchi & Saatchi worldwide CEO Robert Senior.
The pair were part of a group of individuals to invest £2.5m of the funds through newly launched investment firm Redrice Ventures. New Look founder Tom Singh has invested in the business, outside of this latest round.
Castore said the funds would be used to expand the business in Asia and the US. Senior, who left Saatchi and Saatchi last year, said of the business: "With its focus on technical engineering and premium design, Castore is a truly modern brand for truly modern athlete."
Massenet added: "Founded by two formidable brothers with equal passion for sports and building a global technical sports brand. What's not to love? I look forward to the journey and coming along for the ride."
The Beahon brothers are both former professional athletes in their 20s who say they have spotted a niche for high quality performance sportswear. Currently the brand is sold via its website and prices range from around £95 for a t-shirt to £245 for a jacket.
It was recently named as one of luxury body Walpole's Brands of Tomorrow and is going through its mentoring process. Sales are forecast to hit £2.7m this year, up from £750,000 last year.
“We are delighted to get such an enthusiastic response to our fund raising and to secure the support of such high-calibre investors. The money raised will help take us to the next stage in our development and step up our international presence," said Tom Beahon.
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