Direct-to-consumer cycling clothing brand La Passione has announced a new capital increase, achieving a fundraising round of €7 million over four years.
“We are very happy to receive unceasing appreciation not only by the market – but also from our historical investor members, important international investment funds and business angels,” said Giuliano Ragazzi, CEO & Founder of La Passione.
“[They] have immediately believed in us and are enthusiastically providing their resources and experiences to strengthen the success of the brand. We have climbed many positions in the market in terms of sales, becoming a relevant brand in the industry.
“Now we want to increase our brand awareness, exploring new territories where online and offline marketing are integrated. The round will grant the development of these new projects.”
Yurika Marchetti, COO & Founder, said “Our business model has already allowed us to reach over 41 countries in a short period of time, establishing solid relationships with clients from every corner of the world and from every continent.
“We are focusing on the creation of new product lines dedicated to new end-users, people who have rediscovered the bicycle for different reasons – pandemic, pollution, traffic – and using it not only as a sport, but also as a practical and useful everyday mobility vehicle.”
La Passione was established in 2015 by Giuliano Ragazzi and Yurika Marchetti. The latest €7 million funding round, follows a round in 2019. Institutional investors originally onboard with the brand are: Milano Investment Partner (MIP), Club Italia Investimenti 2, Club Digitale and Cyclo Club.
In the latest round, two business angels are also joining: Alberto Grignolo, ex-COO of Yoox Net-a-Porter Group, and ex-professional cyclist Andrea Tonti.
La Passione reports that its 2021 turnover will exceed €10 million, 35% of which in the USA and UK, followed by Germany, Holland, Belgium, France, Italy and Spain.
Alberto Grignolo said “I am honoured to fully confirm my trust in La Passione – in its co-founders and in the team. The project is the best expression of Italian potentials in the digital world: market intuition, product and style Made in Italy, a perfect digital execution.
“All with a global reach; the extraordinary growth and great successes achieved by La Passione in 2020 are further proof of the enormous potential of this project.”
