Member Article

Derby based HUUB smashes through £250k crowdfund target in just 2 hours amidst impressive investor rewards

Derby-based HUUB, market leaders in the £60 million UK triathlon apparel and accessories market, yesterday officially launched their Crowdcube crowdfunding initiative.

With double Olympic medalist and world champion brothers, Alistair and Jonny Brownlee the first to invest in the raise, they smashed through their £250,000 minimum target in just two hours with an enticing selection of investor rewards on offer, and have now more than doubled that to secure an impressive £575,000 of investment in just 24 hours ahead of tomorrow’s public launch.

At the top of their investor rewards pile is their ‘Black’ investment option, providing the opportunity to spend a whole training week with Alistair and Jonny Brownlee in sunny Spain, while their ‘Diamond’ option promises investors the opportunity to enjoy a training weekend with the pair in Yorkshire.

With equity of course also promised, and at the opportunity for a share of HUUB’s ongoing success, in 2019, HUUB turned over £4.8m and from 2015 to 2019 they have on average achieved sales growth of 32% year-on-year. Despite the triathlon competition schedule being wiped out during 2020 as a result of the coronavirus pandemic, HUUB’s 2020 turnover is on a par with last year’s as endurance sport take-up has soared during lockdown.

The business has experienced a huge increase of 681% in cycling apparel sales, as well as a significant diversification in audience demographic for their products across the board. Specifically, women’s wetsuit sales are up 68% and there has also been a shift in the average customer age.

Money raised through the Crowdcube campaign will be utilised by HUUB to accelerate growth into new territories, and through category expansion and extension.

This was posted in Bdaily's Members' News section by Peter Callahan .