By Scott McCulloch for Insider.co.uk
The Innerleithen company founded by Alex Feechan secures the money from Tri Capital, Investing Women Angels and the Scottish Investment Bank
FINDRA, the Borders-based women’s cycling apparel brand, has raised £250,000 in a second-round fundraise to expand its offering into outdoor clothing.
The company, founded by designer Alex Feechan in 2014, has secured further funding from Tri Capital, Investing Women Angels and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
FINDRA, based in Innerleithen, will use the new investment to expand beyond women’s cycling apparel.
Feechan said the wider vision for the business was always to expand into outdoor clothing.
She 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, added: “We are very pleased to have led this round supporting another Borders’ based business. 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.”
The corporate team at law firm Harper Macleod advised FINDRA on the first and this latest funding round.
Feechan is a former finalist of Investing Women Angels’ AccelerateHer Awards.
Jackie Waring of Investing Women Angels said: “We’re delighted to be involved in this round of investment, aimed at helping FINDRA achieve even greater heights going forward.”