Surfing brand Finisterre raises £4.6m in second crowdfunding campaign
Cornwall-based surfing brand Finisterre, founded by British professional surfer Tom Kay, has raised £4.6 million in its second crowdfunding campaign.
The funding round, which beat its original target of £1.5 million, was led by investment company Active Partners, which has also invested in cycling brand Rapha, food chain LEON and members club Soho House.
The current crowdfunding campaign will help drive the brand's international expansion, further strengthen its supply chain transparency and impact agenda and continue its investment in product quality and innovation.
The brand said that it had tripled its revenues to £17.5m in 2021 and that it also became profitable for the first time that year, with an EBITDA value of £1.2m. The brand highlighted that customer repeat orders made up 57% of revenue in 2021 and that it had seen consistently high reviews across its product range of 4.8-5 stars.
In November 2019 the brand hosted its first crowdfunding campaign, raising its target of £2 million in 30 minutes with the help of around 2,000 investors.
Finisterre was founded in 2003 and is a certified B-Corporation which signifies its investment in sustainability, and it has also launched a charitable foundation and an Ocean Activism programme.