Performance sportswear brand Castore raises £145m in funding round for strategic growth
Castore, a UK-based premium performance sportswear brand and technology-enabled, digital platform for global sports teams, announced a significant growth investment of £145 million in a funding round led by Raine Partners, The Raine Group’s flagship growth equity fund. Hanaco Ventures and Felix Capital also participated in the investment, demonstrating confidence in Castore’s market-disrupting potential.
Strategic Expansion in Premium Sportswear
The investment will bolster Castore’s efforts to disrupt the premium sportswear market and reshape the global team sports landscape. The capital will enable Castore to foster new relationships with leading sports franchises worldwide, supplying them with high-quality merchandise while utilizing data and tools to deepen fan engagement. Additionally, it will support the expansion of Castore’s mainline product range, aiming to establish it as the UK’s leading sports and athleisure brand.
UK’s Castore Boosts Sportswear and Athleisure Brand with Major Investment from Raine Group
Investment Fueling Infrastructure and Data Analytics
Founded in Liverpool in 2016 by brothers Tom and Phil Beahon, Castore combines a premium apparel brand with a vertically integrated digital commerce platform. This unique business model caters to a massive, underserved market in various sports, including Football, Tennis, Motorsports, Rugby, and Cricket. The investment will enhance Castore’s supply chain and data analytics capabilities, positioning the company for sustained growth and competition against established global players in the sports apparel market.
Founders’ Vision and Growth Trajectory
Tom and Phil Beahon, Founders of Castore, expressed their enthusiasm for the backing of reputable equity partners. “This investment is a testament to our commitment to high-quality sports apparel and omni-channel retail operations. It provides the financial firepower to scale our supply chain and data analytics capabilities, meeting the increasing demand for Castore products,” they stated.
Raine Group’s Perspective on the Partnership
Jason Schretter, Partner of The Raine Group, highlighted Castore’s unique position in the sportswear industry. “Castore’s blend of high-quality merchandise and data-driven technology solutions is key for sports franchises to engage their global fan bases effectively. We are excited to support Castore’s journey in connecting with the world of sports,” he commented.
Transaction Advisors and Legal Counsel
Rothschild & Co is acting as the sole financial adviser to Castore for this transaction, with Allen & Overy and Addleshaw Goddard providing legal advice. Latham and Watkins LLP served as legal advisor to Raine.