Update: Troubadour Goods Nears £500,000 Funding Target on Seedrs

Troubadour Goods, a London-based menswear fashion brand, is nearing its £500,000 crowdfunding campaign funding target on Seedrs. The company launched the initiative earlier this month and so far has secured more than £480,000 from nearly 80 investors.

As previously reported, the brand was founded by Samuel Bail and Abel Samet. It aims to design, create, and sell premium men’s accessories and stated its products combine performance design with a clean, modern aesthetics, and “incredible” craftsmanship, to produce pieces that last for decades. It was revealed:

“We sell our products directly to customers through our website and pop-up shops, and via more than 60 of the best stores in the world in more than a dozen different countries. Among other well-known names, our retail partners include Selfridges and Harvey Nichols in the UK, United Arrows and Isetan in Japan, and Barneys and Nordstrom in the US.”

Since it began to sell its products three years ago, Troubadour Goods has reportedly had a compound revenue growth rate of more than 160% between 2013 and 2015. The company stated it is also backed by London-based venture capital firm, Pembroke VCT. Troubadour Goods is also offering 20% off any purchases investors make for the life of their investment, if they invest at least £250. The company recently stated:

“We anticipate that approximately half of the funds raised will be used to support sales growth to our customers and retail partners. The other half will be used to fund working capital requirements from our forecast growth plan. This working capital is primarily allocated to additional inventory and expected accounts receivables growth, as many of our retail partners receive payment terms. Over time we see an opportunity to expand the brand into adjacent market segments, including other men’s luxury products and women’s accessories. However, our immediate plan is to build on our current platform and grow sales of our men’s accessories products.”