Gym + Coffee secures €17m new investment to accelerate international growth
Irish athleisure brand Gym + Coffee, which already has former One Direction singer and songwriter Niall Horan as one its investors, has just announced €17 million (£14.5 million) of new funding led by Castlegate Investments.
The aim is to propel its growth in international markets, including the UK and Germany – Europe’s biggest athleisure market.
Since launching in 2017, Gym + Coffee hoodies have particularly proved a hit among health and fitness enthusiasts, and Irish rugby legend Brian O’Driscoll is another big name shareholder.
Since 2019 Gym + Coffee has also seen rapid growth, with its retail footprint growing to 12 stores and a 15-fold increase in annual sales over the same period.
Gym + Coffee Co-founder and CEO, Niall Horgan, said: “It’s been a rollercoaster for five years and we are really proud of what we’ve achieved so far. We have built a strong foundation, but we know we have loads to improve on to become a global player in this space.
“We have huge ambitions for Gym + Coffee. Our team and community have given us so much support to date and we want to make sure we match that support with a relentless drive to grow our business in a way that makes us and them proud.”
The brand has gained a vast and loyal customer base due to its “authentic approach to community building”, an engagement programme consisting of over 300 events, high quality products and, most notably, its support of women in sport.
Following a brand ambassadorship programme, tapping leading athletes such as professional footballers Rachel Corsie and Jodie Taylor, and cricketers Danni Wyatt and Tammy Beaumont, the brand has further cemented its commitment to raise the profile of women in sport with the recent announcement that they are now an official partner to Aston Villa women's football club.
Roy Barrett of Castlegate Investments commented: “Gym + Coffee is already a fantastic Irish success story and an exciting brand with huge potential to be a global success story. Their product is best in class and the passion they have for their community is unique and genuine.
“We’ve been very impressed by the management team and their vision for the future, and we are delighted to help support them on the next stage of their journey.”
With the new investment Gym + Coffee will be able to make bigger strides in the UK market and develop relationships with sports organisations, athletes and health and wellness leaders.
The brand also aims to increase its sustainability initiatives. Already carbon neutral, Gym + Coffee pledges to utilise the funding to develop its strategy further towards B Corp status.