// Castore raises £7.5m to fund move into professional football
// The online premium sportswear retailer backed by private investors to finance expansion in team sports
Castore has raised £7.5 million from undisclosed private investors to help expand its range into professional team sports kit and footwear as well as accelerate international growth.
The online retailer, which specialises in premium sportswear, said it would leverage its expertise in technology driven product development and digital marketing to become the official kit supplier of teams from the Premier League, La Liga and Bundesliga for the 2021 season.
In addition, Castore said it was targeting endorsement deals with international rugby and cricket federations.
Castore was founded in 2015 by brothers Tom and Phil Beahon and now sells sportswear for gym use, athletics, tennis and golf in 57 countries.
In January 2019 it announced a partnership with tennis champion Andy Murray, which sees him wear Castore kit on court and is a shareholder in the online retailer.
Castore made its first move into team sports in December 2019, signing a three-year deal with Cricket West Indies to become their official team kit partner from June 2020.
Castore, which also said it will launch a collaboration with McLaren Automotive later this year, has also forecast annual revenues of £37 million in 2020.
“Our latest fundraise is a strong endorsement of the businesses performance to date and our strategy of building Castore into a global premium sportswear brand,” Tom Beahon said.
“These funds give us the firepower to expand in a number of exciting areas including partnerships with some of world’s most exciting professional teams.
“Castore creates products that enhance athlete’s performance and we look forward to more leading athletes benefiting from our truly innovative technologies.”