Beringea invests £2.7 million in Sealskinz, the outdoor endurance accessories company
May 21st 2015
The funding will be used to support the company’s further growth into international markets and strengthen product development and marketing activities
(London, UK) Beringea, the venture capital investor and manager of the ProVen VCTs, has invested £2.7m in waterproof outdoor accessories specialist Sealskinz Ltd.
Sealskinz has over thirty years’ experience in developing and manufacturing endurance accessories. The company’s patented processes create clothing that is waterproof, breathable and, uniquely, stretchable. It works in partnership with some of the world’s greatest athletes including mountaineers, explorers, cyclists, skiers, runners, sailors and horse riders to ensure its products deliver the very best in comfort and performance.
The funding from the ProVen VCTs will be used to support the company’s further growth into international markets and strengthen product development and marketing activities.
Karen McCormick, Partner at Beringea, who led the investment, commented: “We are delighted to be working with Sealskinz, which has exceptional brand recognition and customer loyalty. We look forward to working with management to expand the offering and geographic footprint to address a wider audience.”
Tim Ives, Managing Director at Sealskinz, commented: “The new funding will allow us to strengthen our offering, improve our customer services, and expand our sales capabilities overseas. We are delighted to be working with the Beringea team.”
This investment sits alongside the existing investment from Bridges Ventures, the specialist sustainable and impact investor, which has supported Sealskinz since backing the initial management buyout of the business in 2007. The shareholders were advised by Cavendish Corporate Finance.