Earlier this month, UK-based shoe brand Vivobarefoot launched its Crowdcube initiative to raise£750,000 as it prepares to expand. Since its debut, the project has successfully secured over £500,000 from nearly 515 investors.
“In 1999 Childhood friend of Galahad Clark and keen tennis player, Tim Brennan, suffered a string of injuries. He thought conventional sneakers were the problem and visited Galahad, a 6th generation shoe maker and member of the Clark’s family shoe making dynasty, with the first barefoot shoe concept made in his studio at the Royal College of Arts. Galahad loved it and set about developing Vivobarefoot.
“After 5 years of research and development they released the first Vivobarefoot shoe – the first minimalist shoe with a patented, ultra thin puncture resistant sole. The shoe was designed to offer both maximum sensory feedback and maximum protection. By 2008 they’d figured out how to make great shoes and momentum has been building ever since.”
“There has been some comment on our valuation and I wanted to comment on that: We agree that it is difficult to value growth stage businesses like Vivobarefoot, but we believe in the £18m valuation.”
He then noted:
“This is less than 2x turnover and we consider this to be reasonable for a global brand with 30% growth, positive ebitda and a relatively low risk profile; from extended proof of concept, patented technology, digital business model with a strong foothold in key markets: UK, USA. DACHS and Scandinavia. We’ve also got a strong management team including FD from Green & Blacks / Boden and Commercial Director (ex MD of Puma UK).”
Vivobarefoot’s campaign is set to close early April.
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