Sportswear and accessories firm HUUB has launched a £250,000 funding drive through Crowdcube to move into new territories.
Derby-based HUUB will initiate the fundraising event through Olympic medalist triathletes and long-term HUUB athletes, brothers Alistair and Jonny Brownlee.
The raise will allow HUUB to continue to scale its direct-to-consumer offering, increase the product range in its fast-growing cycling category, cater to the increasing number of women taking up endurance sports and grow its presence in international markets, most notably the US and Germany.
In 2019, HUUB turned over £4.8m and from 2015 to 2019 has achieved an average sales growth of 32% year-on-year.
HUUB says it has experienced an increase of 681% in cycling apparel sales, as well as a significant divergence in audience demographic for their sportswear products across the board. Women’s wetsuit sales grew by 68% and there has also been a shift in the average customer age.
Dean Jackson, Founder, HUUB said, “We are at a really exciting stage of our growth, with new categories performing incredibly strongly and our product range across the board continuing to appeal to professional and amateur athletes alike.”
“Our average order value is up significantly – up 63% in the last six months – and our direct to consumer business is growing rapidly too,” added Jackson.