Sportswear Brand Castore Lands $184M Investment
Reportedly valued at over $1 billion, Castore has leaned into premium activewear and deals with global sports teams
Sportswear brand and digital platform Castore has secured a £145 million ($184 million) investment in a round led by Raine Partners, a firm specializing in media, entertainment and sports. The apparel brand has an ecommerce site as well as two shops in its headquarters in Liverpool and London and reports it’s on track to hitting record revenues and profits in 2023.
Castore said the funds will go towards expanding its sports and activewear product line and boosting its team and infrastructure system. The capital will also allow Castore to establish new relationships with sports teams while helping drive fan engagement.
Participation also included investments from Hanaco Ventures and Felix Capital. The funding round valued Castore at close to £950 million ($1.19 billion), according to reports.
“We are delighted to have secured the backing of highly reputable equity partners that will add significant value to all aspects of Castore’s business model – our team relationships, our sportswear brand and our omni-channel retail operations,” said Tom and Phil Beahon, Castore founders, in a statement. “We are confident these are the right investors to take us to the next stage of our growth, who share our passion for high-quality sports apparel, and, in addition to capital, will bring expertise and access to new markets.”
Winning With Sports Deals, Premium Product
The two brothers founded the performance apparel brand in 2016 and have since partnered with 50 franchises. Castore’s team partnerships have led to the brand offering apparel for McLaren F1, Oracle Red Bull Racing, England Cricket Board, Glasgow Rangers, Bayer Leverkusen, Feyenoord, Sevilla FC, Athletic Club (Bilbao), Saracens Rugby and Republic of Ireland Football fans.
Aside from its global sports team merchandise, the brand also uses its technical fabrics to design sportswear for men, women and children for a variety of activities — soccer, cricket, rugby, tennis, running, skiing and more.
The Road Ahead
The founders say the £145 million investment gives Castore the “financial firepower” to invest in its supply chain and enhance its data analytics capabilities.
“There is huge demand out there for Castore and this will enable us to continue to deliver great products, service and choice to our sports industry partners and consumers, and to take on the established players in the global sports apparel market,” said the brothers. “We are very proud of the progress made, but we – and the full Castore team – are just getting started.”
Jason Schretter, partner of The Raine Group, referred to Castore as an “insurgent sportswear brand that sits at the intersection of sports, premium brands, data analytics and e-commerce,” adding that sports teams and leagues “are among the most cherished” brands in the world.
“They deserve comprehensive and bespoke solutions to help them better connect, engage and monetize their global fan bases,” he continued. “Castore’s differentiated combination of high-quality merchandise and data-driven technology solutions is the answer sports franchises need to unlock this massive opportunity.”
