Gym+Coffee to grow its retail footprint in UK and also pursue B Corp status.
Irish athleisure brand Gym+Coffee has raised a fresh €17m in funding.
The popular athleisure brand has expanded its retail footprint in Ireland to 12 stores over the past three years and now employs more than 200 people.
“We have built a strong foundation, but we know we have loads to improve on to become a global player in this space”
CastleGate Investments, led by Roy Barrett and Tommy Kelly, alongside California investment + marketing firm, West Ventures have joined the Gym+Coffee mission “to Make Life Richer through a powerful community and the world’s best hoodies.”
Success on their sleeve
Gym+Coffee was started in 2017 by founders Niall Horgan, Karl Swaine and Diarmuid McSweeney as an online-only store selling hoodies and active wear.
Niall Horgan, CEO of Gym+Coffee said: “It’s been a rollercoaster for five years and we are really proud of what we’ve achieved so far. We have built a strong foundation, but we know we have loads to improve on to become a global player in this space. We have huge ambitions for Gym+Coffee. Our team and community have given us so much support to date and we want to make sure we match that support with a relentless drive to grow our business in a way that makes us and them proud.”
With this milestone investment, Gym+Coffee will be able to not only make strides in the UK market to develop relationships with sports organisations, athletes and health and wellness leaders, but also develop sustainability initiatives.
It says it is already carbon neutral, and plans to utilise the funding to develop its strategy further towards B Corp status. B Corp Certification is a designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials.
Speaking about the deal Roy Barrett of Castlegate Investments said: “Gym+Coffee is already a fantastic Irish success story and an exciting brand with huge potential to be a global success story. Their product is best in class and the passion they have for their community is unique and genuine. We’ve been very impressed by the management team and their vision for the future, and we are delighted to help support them on the next stage of their journey.”
Niall Horgan added: “Castlegate is a dream partner for us, they really believe in our vision and we know they will bring a wealth of experience and knowledge to Gym+Coffee that will be instrumental in the coming years. We are delighted to officially have them part of the Gym+Coffee team and we are very excited to work together.”