Hylo raises £2.5m investment for sustainable athletic footwear expansion plans
Athletic footwear start-up company Hylo has announced that it has raised a Series A round of £2.5 million.
The funding round was led by Eka Ventures, with additional investment from Redrice Ventures and a number of angel investors including Leeds United and England footballer Patrick Bamford, who is also a brand ambassador.
The £2.5 million funding will mostly be used for product and brand development. The funding will also help expand sales and overall marketing activities.
Launched in 2020, the brand’s launch shoe is vegan, uses renewable materials is recyclable and has a 52% lower carbon footprint compared with the average running shoe.
Michael Doughty, Co-Founder and Managing Director, commented: “John, Jacob and I founded Hylo to provide the Athlete with products that not only perform but that drastically improve the impact that sportswear is having on our world. With the continued support of our initial investors and by welcoming Eka Ventures, Redrice and Mahr Projects into our Series A round, we have a team and the resources to continue on that journey and change the future of Sportswear.”
Jon Coker, Managing Partner of Eka Ventures, added: “We back founders building positive system change in large and impactful industries. The sportswear industry is exactly that, it not only has a huge environmental footprint, but it also has a huge influence on the athletes it elevates. When we met Michael, Jacob and John it was clear their vision for hylo was genuine system change. Everything they do is focused on the unique combination for performance and sustainability, whether it be the advanced materials they use, their sales models or the way they work with athletes. We are thrilled that they chose to partner with us as they deliver on their vision.”