New premium sportswear brand Castore has raised £1.2m in funding, with backers including New Look founder Tom Singh.
The brand was founded by brothers Tom and Phil Beahon a year ago, and sells premium quality sporting gear across 18 countries from its website. With the new investment it hopes to open stores in Canary Wharf, Bank and Chelsea in London.
The £1.2m funding was raised from five investors, including Bridges Fund Management, where Singh sits on the advisory board.
Turnover for the brand this year is set to be £650,000, rising to £2.1 million next, with overseas sales accounting for 45% of the total. With the new investment the business plans to further accelerate this international growth, with investment in their online platform as well as the development of physical hubs in locations including Hong Kong, Shanghai and New York.
Commenting on the announcement, Singh said: ”The premium sportswear market continues to expand rapidly and although currently dominated by a small group multinational companies, there is undoubtedly appetite for a premium brand committed to superior product quality like Castore.”