Derby based HUUB, a leader in the £60 million UK triathlon apparel and accessories market, has announced the launch of its Crowdcube crowdfunding campaign. The company is looking to raise a minimum of £250,000 to ‘accelerate growth into new territories, and through category expansion and extension.’
Olympic medallist triathletes and long-term HUUB athletes, brothers Alistair and Jonny Brownlee, have kickstarted the raise with their own investment into the business.
HUUB notes that the fundraise will enable it to… ‘continue to scale its direct-to-consumer offering, expand the product range in its fast growing cycling category, cater for the increasing number of women taking up endurance sports, and grow its presence in international markets, most notably the US and Germany.’
Originating in the innovation-led swimwear and triathlon categories, but now embracing all endurance sports, HUUB’s product range is focused on performance and innovation. In 2019, HUUB turned over £4.8 million; and from 2015 to 2019 it has achieved average sales growth of 32% year-on-year.
Despite the triathlon competition schedule being wiped out during 2020 as a result of the coronavirus pandemic, HUUB’s 2020 turnover is on a par with last year’s, as endurance sport take-up has soared during lockdown.
The business 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.
HUUB founder, Dean Jackson, who started the business in 2011 by designing a wetsuit on his kitchen table, said “We are at a really exciting stage of our growth, with new categories performing incredibly strongly and our product range across the board continuing to appeal to professional and amateur athletes alike.
“Our average order value is up significantly – up 63% in the last six months – and our direct to consumer business is growing rapidly too.”
He added “Our Crowdcube crowdfunding campaign is designed to help accelerate the growth we are experiencing on so many fronts; and, I believe, offers a really exciting opportunity for those in the endurance sport community and beyond to invest in a brand that is on a steep upwards trajectory.
“And with both the Brownlee brothers already onboard, investors know they will be in the good company of two of Britain’s most successful Olympic athletes. Alistair also happens to have a master’s degree in Financial Economics, so he knows his way around a P&L statement and a good investment opportunity when he sees one!”
As well as the partnership with the Brownlee brothers, HUUB also has relationships with the likes of current female world triathlon champion Georgia Taylor-Brown, world triathlon series medallist Jess Learmonth and cycling world cup winner Dan Bigham, the latter of which is HUUB’s in-house aerodynamicist.
Dean Jackson founded the business after losing his job in sport sales back in 2011. A group of 12 private investors led to him being given an initial investment of £25,000. The key to unlocking further investment, however, was to secure £200,000 of orders and find an Olympian to wear his suit. As Dean notes, “The rest is history!”
HUUB’s Crowdcube crowdfunding campaign is opening soon, and individuals now have the opportunity to register their interest. Those registered will get 48-hours exclusive access to the crowdfunding page and will be able to become a shareholder before the public launch.
