Irish athleisure brand Gym+Coffee has secured new €17m funding. Funding was provided by Castlegate Investments, a growth-oriented family business led by Roy Barrett on behalf of serial entrepreneur Tommy Kelly. The investment and marketing firm West.Ventures from Palo Alto, California, also participated.
The investment comes amid a 15x increase in annual sales since inception in 2019 and expanding retail presence, which has grown to 12 stores in the UK and Ireland. The continuous growth has so far been supported by a capital increase of four million euros, which focused on the internationalization of the company.
The €17 million funding will be used to accelerate Gym+Coffee’s international growth. The brand is particularly targeting new markets such as the UK and Germany, Europe’s largest athleisure market.
The money will also help the brand continue its brand ambassador program to build relationships with sports organizations, athletes and health and wellness leaders and further develop its sustainability initiatives. Gym+Coffee is already carbon neutral and has committed to using the funding to advance its strategy towards B Corp status.
Gym+Coffee is aiming for further expansion in Great Britain and Germany
“The last five years have been a rollercoaster ride and we are really proud of what we have achieved so far. We’ve laid a strong foundation, but we know we still have a lot to improve to become a global player in this space,” said Niall Horgan, Managing Director of Gym+Coffee. “We have big ambitions for Gym+Coffee. Our team and community have given us so much support thus far, and we want to return that support with a relentless drive to grow our business in a way that makes us and them proud.”
Founded in 2017 by Niall Horgan, Diarmuid McSweeney and Karl Swaine, Gym+Coffee has several notable shareholders including pop star Niall Horan, who took a minority stake in the company in April 2021, rugby legend Brian O’Driscoll and the Davy EIIS funds.
As well as owning twelve retail stores, Gym+Coffee also distributes its collections via e-commerce in the UK, Europe, the US, Australia and New Zealand.
This translated and edited post previously appeared on FashionUnited.uk.