A Manchester start-up developing an advanced generation of data-driven luxury sportswear has secured £7.5m from a private equity firm ahead of its launch at the end of 2021.
Sports performance brand Prevayl has secured the investment from Stonebridge which is headed by entrepreneur James Cox who is also behind the likes of Simba Sleep, Mahabis and Torque Brands.
Founded in April 2019 by former personal trainer chief executive Adam Crofts alongside chairman David Newns, the company is aiming to launch to consumers during the fourth quarter of the year.
Its team of experienced apparel designers, hardware developers, intellectual property experts and marketeers have worked with the likes of GymShark, The Hut Group, Lacoste, and Burberry, with others having designed for the 2016 Rio Olympics.
Mr Crofts said: "To secure £7.5m pre-revenue is testament to the whole team.
"Everyone is on the same page - the drive and ambition is palpable. Creating a global community and owning the connected clothing market hinges on cultivating genuine buzz and talkability.
"Which ultimately relies on creating a product that not only knocks others out of the park, but also on the right infrastructure to scale at pace.
"Partnering with Stonebridge has undoubtedly been a leg up for the business. It’s providing us access to the Torque Brands eCommerce platform, which will accelerate our ability to scale, whilst offering our community a slick user experience - helping us fulfill our global ambitions.
"We are all really focused on igniting a new era of innovation that not only gets the blood flowing and puts the heartbeat back into the region’s rich textile heritage, but puts Prevayl on the map worldwide."
Managing partner at Stonebridge James Cox added: "What the company has created over the last 24 months is quite amazing and sits right in the sweet spot of what we believe consumers want.
"The founders are world class and well on the way to disrupting another large global market and were delighted that we can be part of that journey with them. Prevayl is the perfect example of the type of company which we love to back."
