Castore, the U.K.-based sportswear brand, has secured a £145 million ($183.1 million) investment in a funding round led by the Raine Group, the U.S. financial advisory and investment firm.
That company is investing through its recently launched growth equity fund, Raine Partners. Private equity firms Hanaco Ventures and Felix Capital also participated in the investment through their respective growth funds.
The £145 million investment round will “support Castore’s efforts to continue to disrupt the premium sportswear market and global team sports landscape,” including supporting marketing investments in football (soccer), tennis, motorsports, rugby and cricket
In addition, the Manchester-based brand said the capital raise will enable it to “further develop the breadth and reach of its mainline product range.” Castore will also continue to invest in staff and infrastructure systems.
Castore said the business continues to record strong growth and is on track to achieve record revenues and profits in 2023.
“We are delighted to have secured the backing of highly reputable equity partners that will add significant value to all aspects of Castore’s business model – our team relationships, our sportswear brand and our omni-channel retail operations. We are confident these are the right investors to take us to the next stage of our growth, who share our passion for high quality sports apparel, and, in addition to capital, will bring expertise and access to new markets,” said Tom and Phil Beahon, founders of Castore.
Jason Schretter, partner of The Raine Group, added “Castore is an insurgent sportswear brand that sits at the intersection of sports, premium brands, data analytics and e-commerce. Raine and our fellow coinvestors’ deep expertise across these industries helped us immediately understand the impact Castore can have on its clients. Sports teams and leagues are among the most cherished brands in the world. They deserve comprehensive and bespoke solutions to help them better connect, engage and monetize their global fan bases. Castore’s differentiated combination of high-quality merchandise and data-driven technology solutions is the answer sports franchises need to unlock this massive opportunity. We look forward to working with Tom, Phil and the entire Castore team to extend their connectivity to the world of sports.”
Private banking company Rothschild & Co is acting as the sole financial adviser to Castore on the transaction, while law firms Allen & Overy and Addleshaw Goddard are legal advisors to the sportswear brand.
Photo courtesy Castore