Sportswear retailer WIT Fitness has secured £2m investment from growth capital investor VGC Partners.
As part of the deal, Nick Adcock, CEO of Spyder Active Sports and former global president of DC Shoes, has been appointed as independent chairman.
Founded by former amateur athlete Dan Williams and sports retail expert Sam Kitching in London in 2015, WIT Fitness operates online retail platforms in the UK and US.
It sells branded footwear and apparel, including Nike, Reebok, Adidas, Under Armour and NoBull.
WIT Fitness also opened a “WIT Training Hub” in 2018 at St Paul’s in London, offering a combined gym and retail flagship store.
The £2m investment was made from VGC Partners’ £50m Fund II. London-based WIT Fitness will use the funding its enhance its online platforms.
It will also seek to replicate its gym and retail combination to enter into new international markets including New York, Paris, Barcelona and LA.
Dan Williams, founder of WIT Fitness, said: “Our business is built off the back of our community, from our members in the gym to our global community across our social platforms. Our desire is to provide them the most exciting, exclusive product, constantly engaging content and some unforgettable training activations. Working alongside VGC will allow us to build on our initial success and take this experience to other territories.”
Parminder Basran, managing partner at VGC Partners, said: “Sneakers have become a pop culture phenomenon in recent years, led by the rise in celebrity endorsements and brand collaborations. A core strength of WIT Fitness is that it connects to its affluent customer base via social engagement, enabling it to attract high profile brand partnerships and build links to the athlete community. It has already proven that there is an immediate international opportunity in the US and continental Europe through its US and European ecommerce websites.”