UK-based athletic footwear start-up company, Hylo, has announced that it has raised £2.5 million in Series A financing.
Eka Ventures led the round, with Redrice Ventures and a number of angel investors joining in, including Leeds United and England footballer Patrick Bamford, who is also a brand ambassador.
The £2.5 million will be spent mostly on product and brand development. The money will also be used to boost sales and marketing efforts.
The brand's first shoe, which will be released in 2020, is vegan, made from renewable materials, recyclable, and has a 52 percent reduced carbon footprint than the usual running shoe.
Michael Doughty, Co-Founder and Managing Director, said that John, Jacob, and he founded Hylo to give the Athlete with items that not only perform but also substantially enhance the influence that sportswear has on the world. They have a team and the resources to continue on that path and transform the future of Sportswear, thanks to the continuous support of their initial investors and the addition of Eka Ventures, Redrice, and Mahr Projects to their Series A investment.
Jon Coker, Managing Partner of Eka Ventures, added that they back founders generating good system change in insignificant and important industries. The sportswear industry is exactly that; it not only has a significant environmental impact, but it also has a significant impact on the athletes it supports. It was evident when they met Michael, Jacob, and John that their goal for hylo was actual system change. Whether it's the innovative materials they employ, their sales models, or the way they engage with athletes, everything they do is focused on the rare combination of performance and sustainability. They're ecstatic that they chose to work with them to realize their vision.
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