Italian cycling apparel brand, La Passione, announced a new funding raise of €7 million ($8.3 mm).
For this new investment round, following one that closed in 2019, original investors Milano Investment Partner (MIP), Club Italia Investimenti 2, Club Digitale and Cyclo Club participated. New investors include Alberto Grignolo, the ex-COO of Yoox Net-a-Porter Group, and Andrea Tonti, a former professional cyclist.
Giuliano Ragazzi, CEO and founder of La Passione, said, “We are very happy to receive unceasing appreciation not only by the market but also from our historical investor members, important international investment funds and business angels, who have immediately believed in us and are enthusiastically providing their resources and experiences to strengthen the success of the brand. We have climbed many positions in the market in terms of sales, becoming a relevant brand in the industry. Now we want to increase our brand awareness, exploring new territories where online and offline marketing are integrated. The round will grant the development of these new projects.”
Yurika Marchetti, COO and founder, said, “Our business model has already allowed us to reach over 41 countries in a short period of time, establishing solid relationships with clients from every corner of the world and from every continent. We are focusing on the creation of new product lines dedicated to new end-users, people who have rediscovered the bicycle for different reasons – pandemic, pollution, traffic – and using it not only as a sport but also as a practical and useful everyday mobility vehicle.”
Grignolo said, “I am honored to fully confirm my trust in La Passione, in its co-founders and in the team. The project is the best expression of Italian potentials in the digital world: market intuition, product and style Made in Italy, perfect digital execution. All to a global reach. The extraordinary growth and great successes achieved by La Passione in 2020 are further proof of the enormous potential of this project.”
Photo courtesy La Passione