Clothes Doctor raises almost £780,000 in crowdfunding campaign as it eyes US expansion
Cornwall-based clothing care start-up Clothes Doctor has just finalised its latest crowdfunding campaign, raising £778,258 from 220 investors via Crowdcube.
The fast-growing company, which is stocked by Harrods, N.Peal, Ocado, United Airlines and the V&A, saw revenues grow 192% year-on-year to March 2024, and is now eyeing further expansion in the US, Europe and China.
In a previous crowdfunding campaign, 119 investors acquired some 7.72% of the equity in Clothes Doctor, which had a pre-raise valuation of £8,411,756 prior to this latest round.
Clothes Doctor aims to revolutionise clothing care with its vision of less waste and exceptional clothing care. It aims to make caring for the clothes consumers already own "as enjoyable and aspirational as buying new ones", through its range of high quality clothing sprays, detergent products and moth repellents.
Founded in July 2017 by ex-City retail analyst, Lulu O’Connor, the Clothes Doctor service started by providing a digital answer to traditional clothing repairs and alterations. With a fully equipped workshop in rural Cornwall, Clothes Doctor has been offering a direct-to-consumer service and provides repairs for the likes of Whistles and FatFace.
Lulu O’Connor said: "To date, our brand has been funded by investment, raising over £1.5 million over the last three years. We are looking to become profitable in the current financial year, which will strengthen our position and allow us to leverage future growth more effectively.
"We have improved profitability recently through improvements to logistics, costs in our supply chain, and improved advertising efficiency.
"Our customers have been so supportive, and we would love to have them - and indeed anyone who has a love and respect for clothes - to become a part of our future plans.
"With clothing making up an estimated third of landfill waste, we are all about finding a way to breathe new life into our clothes, so we no longer dismiss things as ‘old’ or ‘last season’."
Since 2021, Clothes Doctor has been developing and selling its own range of premium laundry products - with a particular focus on market niches such as cashmere, moths, and travel.
The products are distinctive for being manufactured with cruelty and palm-oil free ingredients and are packed with real essential oils "for a subtle complex scent profile". Clothes Doctor laundry products are also packaged in recyclable aluminium bottles with compostable labels.
Funds raised from the Crowdcube campaign will help scale marketing, improve operational efficiencies, and new product development within the moth repellent category.