Velobici has secured a £400,000 funding boost as it expands to meet a surge in demand for its products and moves towards a fully sustainable operation.
It will use the funding to bolster its workforce and facilitate a move to a new factory, which will be entirely powered by sustainable energy. The company designs and manufactures its clothing entirely in the UK.
Financing was secured from the Midlands Engine Investment Fund (MEIF) – provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
Chris Puttnam, founder and director of Velobici, said: “We are in the midst of a global boom in cycling, as people become more aware of the need to be environmentally responsible and also move away from public transport due to the COVID pandemic.
“Growing numbers of cyclists are demanding quality cycling kit that they know they will be able to rely on for years to come. Crucially, they are demanding to know it is being made in an environmentally responsible manner. We operate in a polluting industry but we’re doing all we can to minimise our environmental impact throughout our manufacturing and supply chain.
“This funding will enable us to move to new premises to fulfil our environmental objectives and allow us to expand our team of master craftspeople. It will also safeguard existing jobs and help us nurture talent within the local workforce through an apprenticeship scheme.”
The company is working towards becoming a fully sustainable operation and already adopts ethical practices across the board. Environmentally friendly methods have been introduced throughout the manufacturing process and the new factory premises will use sustainable power. For every 10kg of cardboard packaging the company sends, a tree is planted, and the company operates a fair wage policy across its workforce.
Velobici is a direct-to-customer business, making the bulk of its sales through its website, www.velobici.cc. It has retail partners across the Far East and has recently partnered with two UK bricks-and-mortar retailers, Ride Like a Hero at Soho Farmhouse and Apus Peak in Cheshire.