Athleisure brand Gym and Coffee has revealed it has secured €17m (£14.5m) in new funding led by Castlegate Investments, with additional funding from West.Ventures, a Palo Alto, CA investment and marketing firm.
It said the latest investment will allow Gym and Coffee to propel its growth into new markets like the UK and Germany as it aims to “further accelerate its momentum as one of Europe’s fastest growing athleisure brands”.
Gym and Coffee was founded by Niall Horgan, Diarmuid McSweeney and Karl Swaine in 2017. Since 2019, Gym and Coffee has grown to 12 stores with its headcount reaching over 200 and a 15-fold increase in annual sales over the same period.
Its growth to date has been supported by a €4m (£3.4m) capital raise, focussed on internationalising the business. Notable shareholders include pop star Niall Horan, rugby legend Brian O’Driscoll and the Davy EIIS fund.
Niall Horgan, CEO of Gym and Coffee said: “It’s been a rollercoaster for 5 years and we are really proud of what we’ve achieved so far. We have built a strong foundation, but we know we have loads to improve on to become a global player in this space. We have huge ambitions for Gym and Coffee.
“Our team and community have given us so much support to date and we want to make sure we match that support with a relentless drive to grow our business in a way that makes us and them proud.”
Roy Barrett of Castlegate Investments added: “Gym and Coffee is already a fantastic Irish success story and an exciting brand with huge potential to be a global success story. Their product is best in class and the passion they have for their community is unique and genuine. We’ve been very impressed by the management team and their vision for the future, and we are delighted to help support them on the next stage of their journey.”