Vulpine, the stylish cycling apparel brand, have ended their Crowdcube campaign two weeks early after doubling their original investment target of £500,000.
In the two weeks of crowd-funding there were over 600 investors, investing a total of £1,026,280 for a 17.03% share of the business.
Nick Hussey, founder of Vulpine, said: "We were amazed to reach our target of £500,000 in just five days. The existing shareholders and I made the decision to overfund on Crowdcube and momentum continued to raising over £1 million in two weeks; twice the ask in half the time. We're so grateful to each and every investor for joining the Vulpine Story; in a way the story has only just begun."
Vulpine was founded back in 2012 to fill a gaping hole in the cycling clothing market. The vision was clear; to produce kit that looks great off the bike, with performance to match. Before Crowdcube, Hussey turned down private equity investment in favour of crowd-funding to offer Vulpine customers and the wider public the chance to invest and become part of the #VulpineStory.
So what do Vulpine plan to do with the £1 million investment? The brand have outlined plans for international expansion in the USA and Asia, with a focus on Japan and South Korea.
They have also outlined a Made in Britain range, constructed in Blackburn, to give these international markets higher end products with a clear British feel.
Finally, the brand will continue to expand the HOY Vulpine line, a collaboration with decorated Olympian Sir Chris Hoy to produce stylish performance cycling wear.
Hussey continued: "We are going to begin planning out how we can use some of this amazing new resource to build an even better, faster growing company. It's a resource to be carefully metered out on the things that work. There will be no fancy offices, gold thrones, or cycling butlers handing out hot towels on staff rides. Investors are committing their money to make a more valuable company and get a great return later.
He added: "It's a hugely exciting opportunity coming out of one of the most extraordinary periods of my life. I can't wait to share the next chapters of the story!"
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