The Brownlee brothers have invested in British triathlon apparel brand HUUB.
British triathlon apparel brand HUUB secured £575,000 of investment in a 48-hour private launch ahead of the public release of a crowdfunding campaign on October 28. The Derby-based performance sportswear brand had set a minimum target of £250,000 on the Crowdcube platform and blew past this within hours.
Double Olympic medalist and world champion brothers Alistair and Jonny Brownlee were among the first to contribute to the crowdfunding campaign. They are long-time supporters of the brand.
The business, established by CEO Dean Jackson in 2011, said it had recorded a 681% surge in cycling apparel sales during lockdown. Between 2015 and 2019, HUUB said it had achieved sales growth of 32% year-on-year.
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.
Money raised through Crowdcube will be used to accelerate growth into new territories, continued the statement.
The campaign becomes viewable to all on Crowdcube on Wednesday morning.
