UK-based menswear brand Troubadour Goods has successfully raised more than £600,000 through its latest equity crowdfunding campaign on Seedrs. The funding round was launched last month and quickly secured its initial £500,000 funding target.
As previously reported, Troubadour Goods seeks to design, create and sell premium men’s accessories and believes its products combine performance design with clean, modern aesthetics, and craftsmanship, to create pieces that will last for decades.
“Troubadour was born out of a desire for a men’s overnight bag that was appropriate for the office, but not so formal as to be out of place in a more casual setting. Performance is at the heart of our design process, with the team thoughtfully tailoring each piece to meet the lifestyle needs of the Troubadour shopper.”
Troubadour Goods further reported that since beginning to sell its items seven years ago, it has experienced a revenue growth rate of 56% between 2013 and 2019. The latest funding round was launched just a little over six months after Troubadour Goods raised £436,763 through its previous Seedrs campaign. In regard to what latest’s campaign’s funds will be used for, Troubadour Goods added:
“Approximately half of the funds raised in the current round 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.”
The company is now offing 8.41% in equity at a £5,448,705 pre-money valuation through the funding round, which is set to close next Sunday.
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