NOTTINGHAM OUTDOOR & BIKE BRAND ALPKIT SMASHES FUNDING TARGET

Added by Love Business East Midlands | 7 July 2020

 The fastest-growing outdoor and bike brand in the UK raises £1.5m and surpasses its crowdfunding target in less than eight minutes

On Monday 29th June, Nottingham-based outdoor brand Alpkit, whose range includes gear to run, hike, climb, camp, swim and bike, invited customers to be part of the business as shareholders. Their investment campaign, hosted on crowdfunding platform CrowdCube, was open for just eight minutes when they hit their target of £750k and it took just another 44 minutes for them to reach their cap of £1.5million. At its peak, there were five people investing every second.

This bold step follows record sales over the last twelve weeks, where like for like sales were up 50 per cent to £2.3million, and reflects the Alpkit ethos of being outside together. Alpkit firmly believes that the outdoors is for everyone and offered shares from £10 at this time of expansive growth for the company.

CEO and Co-Founder, David Hanney, says, “This is an exciting time for Alpkit and we’ve been completely overwhelmed by the support from our customers. For a long time, they've been asking us whether it would be possible to invest in Alpkit and we've always wanted to extend our ownership and deepen our relationship with our customers. So when we looked to add financial strength to our growth plans, we wanted to involve them ahead of other financial institutions. The response has been incredible and we know we wouldn’t be in this position today without their loyal support."

Alpkit’s 1380 new shareholders will be entitled to tiered benefits, depending on their level of investment. These include discounts on Alpkit product, VIP entry to Alpkit's annual Big Shakeout festival, a custom UK-made backpack and to be the first to hear about Alpkit’s plans. The funds raised will be invested in the opening of two new stores a year from 2021; international growth through easier translation, payment and delivery; and a programme to achieve world-class sustainability assessment using the BCorp framework by 2022.

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