UK-based shoe insole brand Enertor is officially set to close its equity crowdfunding campaign on Crowdcube with more than £1 million in funding, thanks to over 1,000 investors. The company launched the campaign last month, seeking £750,000.
Enertor, which is endorsed and worn by Olympian runner Usain Bolt, stated its insole have pioneering technology to reduce shock and impact injury. 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. Enertor recently announced its partnerships with Virgin Active Gyms and energy drink brand, Red Bull.
“Leveraging its heritage providing years of orthotics and biomechanical scanning systems to elite athletes, the British Armed Forces and the NHS, the company is building a global brand and signed a 10-year deal with Usain Bolt in 2016 to become global brand ambassador. Enertor is backed by Provenance Investment Partners, set up by Simon Henderson (former partner at TPG Capital) and supported by Paul Walsh, Greg Dyke and John Lovering.”
Andy Croxson, co-founder of Enertor, previously 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.”
Luke Lang, co-founder of Crowdcube, recently shared:
“We’re thrilled that Enertor, an innovative company with great products and a potentially huge global market, is raising money on our platform. Raising money on Crowdcube is now a proven way for start-ups and fast-growth companies to support their expansion and development, while making investment in these companies possible for a wider range of investors than ever before.”
Funds from the campaign will be used to help Enertor continue its expansion. It is set to close later this evening.
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