In a major development, Castore, the premium performance sportswear brand, has successfully concluded a funding round led by Raine Partners, The Raine Group’s flagship growth equity fund. With a substantial infusion of £145 million, Castore aims to disrupt the premium sportswear market and redefine the landscape of global team sports.
This significant investment will empower Castore to forge new relationships with leading sports franchises worldwide. The brand’s commitment to customer satisfaction will be further enhanced, offering partners an extensive range of merchandise while providing cutting-edge data and tools for elevated fan engagement.
The funding will play a crucial role in expanding Castore’s mainline product range, solidifying its position as the leading sports and athleisure brand in the UK. Additionally, the investment will fuel the brand’s growth by enhancing its people and infrastructure systems.
The funding round, spearheaded by The Raine Group, a global advisory and investment firm specializing in media, entertainment, and sports, saw participation from Hanaco Ventures and Felix Capital through their growth funds.
Despite being a relatively young player in the industry, with just seven years in operation, Castore has experienced remarkable growth. Founded by brothers Tom and Phil Beahon, the brand has not only diversified its product offerings and expanded its store presence but has also secured kit contracts with a diverse range of sports teams and leagues globally. Collaborating with 50 franchises worldwide across football, tennis, motorsports, rugby, and cricket, Castore has emerged as a key player.
In a joint statement, the Beahon brothers expressed their satisfaction in securing the backing of reputable equity partners, highlighting their confidence in the investors’ ability to contribute to various aspects of Castore’s business model. The investment is expected to provide the financial strength needed to fortify the supply chain and enhance data analytics capabilities.
Jason Schretter, a partner at Raine Group, lauded Castore as an «insurgent sportswear brand» at the intersection of sports, premium brands, data analytics, and e-commerce. The investors’ deep expertise across these industries positions Castore to offer comprehensive solutions to sports franchises, unlocking significant opportunities in the global sports apparel market.