A beachwear company in Bristol has secured £750,000 of investment and is planning to use the funding to expand the business.
Tom & Teddy has received £350,000 from the Government-backed Future Fund, through the British Business Bank, and the figure is being matched by the company's shareholders and co-investors.
The Westbury-on-Trym-based business has also been awarded a £50,000 bounce back loan for smaller firms navigating the Covid-19 crisis.
The funds will be used for launching new products, recruiting staff and increased online advertising, according to husband-and-wife founders Jelle de Jong and Michelle L’Huillier.
The duo said they are also planning to launch caps and flip flops, among several other items, next year.
“These funds will also be used for recruitment - we will look to employ a product specialist responsible for creating and updating tech packs, researching new products and liaising with our factories," said Michelle.
“Last year we began to increase the focus on our online channel and have seen a significant increase in online sales as a result. We intend to continue to increase this commitment [as well].”
Michelle and her husband were inspired to set up the business by the beach lifestyle of Australia, where they lived from 1999 to 2008.
The couple then moved to Singapore, where they launched the beachwear range, before relocating with their sons, Tom and Alexander, to Bristol in 2016.
The company is forecasting a turnover of more than £2million this year and the co-founders expect sales to top £8million by 2024.
Nathan Guest, corporate partner and head of technology at law firm VWV, which assisted with the funding application, said: “The new investment from the Future Fund will enable Michelle and Jelle to accelerate the growth of the business, including through the development and launch of exciting new product lines.
"We look forward to working with Tom & Teddy on the next phase of its journey.”
The Future Fund was launched by the Government in May and is open to UK venture-backed companies and those which have participated in accelerator programmes.
The help to businesses is in the form of convertible loans ranging from £125,000 to £5million, subject to at least matching investment from private investors.
The scheme is aimed at companies that cannot access the Coronavirus Business Interruption Loan Scheme and are more suited to equity investment.
