Having officially launched its Crowdcube crowdfunding initiative, HUUB, has seen rapid take-up from investors. The brand smashed through its £250,000 minimum funding target in just two hours of its campaign going live. Within the first 24 hours, it managed to secure a significant £575,000 of investment.
Now into the campaign’s third day, at the time of writing HUUB had raised over £795,000 – and is on-track to raise over £1 million in funding, with 30 days still remaining on Crowdcube.
Double Olympic medallists and world champion brothers, Alistair and Jonny Brownlee were the first to invest in the raise.
At the top of HUUB’s investor rewards pile is its ‘Black’ investment option. This provides an opportunity to spend a training week with Alistair and Jonny Brownlee in Spain. The ‘Diamond’ funding option promises investors the opportunity to enjoy a training weekend with the pair in Yorkshire.
In addition to rewards, equity is of course provided to all investors. HUUB adds that it is opening up the opportunity for a ‘share of HUUB’s ongoing success’. In 2019, HUUB turned over £4.8 million and from 2015 to 2019 it has, on average, achieved annual sales growth of 32%.
Despite the triathlon competition schedule being wiped out during 2020 as a result of the coronavirus pandemic, HUUB’s 2020 turnover is reportedly ‘on a par with last year’s as endurance sport take-up has soared during lockdown.’
The business adds that it has experienced a huge increase of 681% in cycling apparel sales, as well as a significant diversification in audience demographic for its products across the board. Specifically, women’s wetsuit sales are up 68% and there has also been a shift in the average customer age.
Money raised through the Crowdcube campaign will be utilised by HUUB to ‘accelerate growth into new territories, and through category expansion and extension.’
www.huubdesign.com/moving-forward
