Overfunding: Usain Bolt-Backed Shoe Insole Developer Enertor Secures £750,000 Funding Target on Crowdcube

Enertor, an insole company that is endorsed and worn by Olympian Usain Bolt, has successfully raised its initial £750,000 funding target on equity crowdfunding platform Crowdcube

Enertor previously stated its insole uses pioneering technology to reduce shock and impact injury and is not only used by Usain Bolt, but also the entire British Army. The company is aiming to transform the global foot orthotics (insole) market, moving it from its current medical focus and more elderly demographic, to a health and lifestyle proposition with a younger, more active profile and create global appeal. The key target market is people between 25 and 55 who are active and want to stay pain and injury free. Andy Croxson, co-founder of Enertor, explained:

“In the last 12 months we’ve doubled revenue to £2 million and launched our products in almost 500 stores, while building the brand with the help of Usain and also developing a grass roots following among active people in our target market. The funds we’re raising on Crowdcube will be used to buy stock and for the marketing associated with retail launches. Raising on Crowdcube means the many people who believe in our products can buy a stake in the company and invest in our growth.”

Upon raising the funding target, Croxson shared:

“We are thrilled to have reached our target and are excited about the journey ahead. There is more good news to follow in the next few days, so watch this space… I look forward to seeing those of you who can make it to our investor event tonight, a couple of spaces have come free so if anyone else would like to join they are more than welcome!”

Funds from the Crowdcube campaign will be used to buy stock and for the marketing associated with the retail launches.

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