Troubadour Goods, a London-based menswear brand that specializes in designing and creating handcrafted leather goods, has successfully secured its initial £500,000 during its equity crowdfunding campaign on Seedrs. Over 100 investors have offered up funds through the campaign.
The company, which was founded by Samuel Bail and Abel Samet, aims to design, create and sell premium men’s accessories and believes its products combine performance design with a clean, modern aesthetics, and craftsmanship, to create pieces that will last for decades. The Troubadour Goods team stated:
“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.”
Troubadour Goods reportedly had a compound revenue growth rate of more than 160% between 2013 and 2015. The company is also backed by venture capital firm, Pembroke VCT. In regards to what the funds from the Seedrs campaign will be used for, Troubadour Goods added:
“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.”
The company is currently offering investors 20% off any purchases investors make for the life of their investment if they invest at least £250.
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