We're delighted to announce that, for the first time since we launched in August 2012, we have agreed a deal to bring in external investment. On March 21st, Bath-based Chelverton Asset Management, through a syndicate of private investors, agreed to invest £500,000 of growth capital into VeloVixen.
Richard Bucknell, Chelverton's investment director, said:
"In a market where online is already a strong and accepted retail channel, VeloVixen has forged a niche position, and brand-recognition way beyond its current size. Its differentiated offering, in an otherwise largely price-driven, homogeneous sector, really stands out, and we look forward to working in tandem with Phil and Liz over the coming years as they seek to exploit their ambitious growth plans."
It's been a long four years, with many sacrifices along the way and a huge amount of work from everyone involved. We're immensely proud to have secured the chance to take VeloVixen to the next stage in its evolution. To read more about our plans for this year, click here.
Why is this important to you?
It's not just that £500,000 will allow us to put our plans into action - to broaden our range, our marketing reach, our team and the profile of women's cycling.
The important fact is that Chelverton are a respected financial institution who, despite being eminently decent folk, don't do deals for fun. They are intelligent, experienced and discerning investors with real commercial savvy.
They've looked at women's cycling and seen its immense potential. And over the last 9 months, they've looked at VeloVixen from every angle and been attracted by our profile, reputation and potential within women's cycling.
This is arguably the biggest ever UK investment into a female specific cycling operation. It's a highly significant moment for women's cycling and it shows that people with the financial ability to make a real difference are waking up to its potential.
It's a tangible shot in the arm for women's cycling. We're delighted to be part of it.
Busy times ahead - but first, a little glass of something celebratory...
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