By Terry Murden for Daily Business Group
Cycling apparel company Findra has secured a further £250,000 support package to expand its product range and raise awareness.
Founded by designer Alex Feechan, the business is run from the Scottish Borders and this latest funding is again supplied by Tri Capital, Investing Women Angels and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
The company launched three years ago after Ms Feechan struggled to find suitable cyclewear designed specifically for women.
She has developed a range of garments that can be worn for a number of outdoor activities and for leisure.
The business is run from the company’s head office in Innerleithen which houses a design hub and a small shop.
Findra also organises a number of monthly events and talks from the hub as well as offering monthly ‘friends of Findra’ ride outs and runs which enable the business to build a strong community and interest around the brand.
Ms Feechan said: “I am delighted to have secured a second round of investment from our existing investors.
“We have laid great foundations for the business over the last few years; this second round of investment allows us to expand our product offering substantially as well as growing and generating more brand awareness. As a team we are very much looking forward to the next stage of the Findra journey.”
Jamie Andrew, chairman of Tricapital said: “We have been impressed with Alex’s plans for growing the company and with her ability to engage with people across a wide spectrum, from customers to employees.
“We believe that Alex has the qualities and ability to execute her growth plan effectively and to support her in this role, Douglas Needham from our membership will continue to act as chairman.”
Jackie Waring of Investing Women Angels said: “Alex is a former finalist of our AccelerateHer Awards which recognise female entrepreneurs developing a great business.
“Since getting to know her, we’ve enjoyed supporting the growth of Findra.
“We’re delighted to be involved in this round of investment, aimed at helping Findra achieve even greater heights going forward.”
Kerry Sharp, director of the Scottish Investment Bank, added: “Findra is a great example of an innovative, forward-thinking company focused on developing a premium lifestyle brand, which has appeal across a variety of outdoor and leisure activities.
“Scottish Enterprise has provided various forms of assistance to Findra in addition to investment and we look forward to continuing to work with the company as it expands its product range and market base to realise its long term growth ambitions.”
The deal was led by the corporate team at law firm Harper Macleod.