London sportswear retailer secures £1.5m funding for US growth

A London sportswear retailer has secured an additional £1.5m in funding after growing its revenues by more than 50 per cent.

The funding, which was secured by WIT Fitness from growth capital investor VGC Partners, comes after the firm grew revenues by 56 per cent.

VGC Partners initially invested £2m in the business in February 2019, which has been used to enhance its online platform and fund international pop-up stores.

The follow-on funding provided by VGC Partners will be used to expand market share across fitness categories, as well as to develop its technology platform to ready it for the next growth phase as it looks to take a bigger slice of the US market.

Dan Williams, founder of WIT Fitness, commented: “Our vision is to become the global authority on training footwear and apparel and we are well on our way to achieving this mission.

“The work we are doing with the world’s biggest brands such as Nike and Reebok sets us apart from the competition, and our strong ecommerce offering has helped us get a foot in the European and US markets.

“With further backing from VGC Partners, we can strengthen our e-commerce platform so that we can offer a truly best-in-class service to our customers, and we are striving for even stronger growth over the next 12 months.”

Parminder Basran, managing partner at VGC Partners, added: “The founders of WITFitness, Dan and Sam, have performed exceptionally well, with their execution of ecommerce, experiential shopping and product activation.

“This has led to rapid growth, which is why they have been able to forge strong relationships with the likes of Nike, Adidas and Reebok.

“We are very excited to back the next phase of growth and use our network to help the business expand further.”