British apparel brand Vulpine have smashed their £500,000 crowdfunding target in just five days, delivering a cash boost which will allow the firm to expand their international presence and the HOY Vulpine partnership.
Founder Nick Hussey admitted he was blown away by the level of support received on crowdfunding site Crowdcube, with nearly 300 investors buying a stake in the company – allowing Vulpine to now enter a period of ‘overfunding’ above their initial target.
Hussey founded Vulpine in 2012 and turned down private investment in favour of the crowdfunding option.
And he said: “It is pretty amazing to do it all in five days, the support has blown me away. Last week, I was absolutely bricking it because we’ve never done this before – Crowdfunding is still relatively new and it’s definitely new to us.
“But we put absolutely everything into it and we’re so grateful that people have shared our passion and vision in investing.
“We’re in such a good position now, not just because of the funding but because of the skills, contacts and offers of help and expertise that have come from investors.”
The cash injection will go on international expansion in USA and Asia (most notably Japan and South Korea), with the launch of a Made in Britain range allowing these international markets to get high-end products with ‘a clear British feel’.
An expansion of the HOY Vulpine partnership has also been promised, following the launch of an autumn/winter range, though Hussey is in no rush to spend the extra money.
“We are going to see how far we can go [with overfunding] while agreeing a plan internally for greater funding. What we’re not going to do is rush into spending the money.
“In the clothing business, having cash gives confidence in the company from suppliers and de-risks the company, giving more flexibility with cash in the bank.
“I think it’s really interesting what this says about cycling. We’ve found cycling is a massive buzzword in the financial sector.
“I continue to find it amazing how cycling continues to grow – I’ve been a cyclist across the last four decades. Before, it was weird, but now people say ‘Why don’t we go for a ride?’ when they want to do business.”
For more information on Vulpine’s Crowdcube campaign visit www.crowdcube.com/Vulpine or check out their website at www.vulpine.cc .
