TRICAPITAL members have supported the Borders-based clothing brand FINDRA in a £250k second round of investment to develop the business.
The angel investors acted as lead partner in the investment deal, which also involved Investing Women Angels and the Scottish Investment Bank, the investment arm of Scottish Enterprise. FINDRA described the move as ‘a huge vote of confidence in the business’.
FINDRA is positioned as a premium lifestyle brand, and launched in 2014 within the niche market of women’s cycling. The bigger vision for the business has always been that FINDRA would grow into an outdoor clothing brand with a strong brand ethos, generating customer affinity and loyalty.
The business is run from the company’s head office in the Scottish Borders’ town of Innerleithen, which also houses a small retail space, where the brand and garment ranges are showcased and sold to customers both direct and wholesale.
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, enabling the business to build a strong community and interest around the brand.
Alex Feechan founder and CEO 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 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.’
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, a unique fashion brand which not only understands the needs of active women but also produces a stunning product range. 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 Scottish Investment Bank, said “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.”