VeloVixen has secured outside investment of £500,000. Founded in 2012 by Phil and Liz Bingham, Velo Vixen is an online women-specific cycle clothing retailer.
The investment – which took nine months from start to finish – was made by Bath-based Chelverton Asset Management, through its investment "club", a syndicate of private investors.
Richard Bucknell, Chelverton’s investment director, said:
"In a market where online is already a strong and accepted retail channel, VeloVixen has forged a niche position, and brand-recognition way beyond its current size. Its differentiated offering, in an otherwise largely price-driven, homogeneous sector, really stands out, and we look forward to working in tandem with Phil and Liz over the coming years as they seek to exploit their ambitious growth plans."
Liz Bingham said:
"It’s been a long four years, with many sacrifices along the way and a huge amount of work from everyone involved. We’re immensely proud to have secured the chance to take VeloVixen to the next stage in its evolution.
Phil Bingham added: "Chelverton is a respected financial institution which doesn’t do deals for fun. They are intelligent, experienced and discerning investors with real commercial savvy. They’ve looked at women’s cycling and seen its immense potential. And over the last 9 months, they’ve looked at VeloVixen from every angle and been attracted by our profile, reputation and potential within women’s cycling."
VeloVixen stocks clothing from Morvélo and Vulpine, and will be adding brands suchs as Queen of the Mountains, Fierlan, Bon Courage, Anna’s Legs from Anna Glowinski, and Showers Pass.