£200,000 investment for FINDRA
Founder Alex Feechan, who was named as a rising star of 2016 by Business Insider, started the brand when she began mountain biking five years ago and spotted a gap in the market for well-designed women specific apparel.
In the early stages of the business’ development, Alex joined the Entrepreneurial Spark Accelerate programme, which helped to validate her business concept and seek out sources of investment to allow FINDRA to grow.
Following her success in winning Scottish Edge funding in December 2015, Alex was introduced to TRI Cap- one of three of the firm’s recent investors, which also include Investing Woman and The Scottish Investment Bank.
The investment has enabled Alex to grow her team from two to six people, supporting the company’s international sales growth.
“I am delighted to have secured Investment for FINDRA from such an experienced network of Investors. This initial round of funding will allow me to really scale my business and develop my brand,” said Alex
“It’s an exciting time for Entrepreneurs in Scotland right now, with a great deal of support available for start- ups. I have fully embraced these opportunities having come from a background in the textiles industry which is sadly in decline, I feel passionate about building FINDRA into a truly global brand from our Scottish base in Innerleithen ”
FINDRA currently sells to Australia, New Zealand and Japan and now has plans to expand into other key markets and countries; all from her Scottish Borders base.
Rob Dick chairman of TRI Cap commented: “We are particularly pleased to be joined by Investing Women and to adding another Scottish Borders business to our portfolio and look forward to supporting Alex as she expands her brand internationally”
Investing Women’s Jackie Waring said: “I am thrilled that Alex has secured investment in an exciting marketplace which we can anticipate will be boosted by Olympic success and inspiration.
“Alex’s design talent and understanding of what her customer base wants, was obvious to us at Investing Women and Alex is right; we are investing in her as we believe in her. We are also delighted to have partnered with TRI Cap on this deal; our first investment together and I hope the first of many.”
Kerry Sharp, head of Scottish Investment Bank added: “It is encouraging that this new venture has such global export potential and that Alex has spotted a market niche within a worldwide market.
“I wish Alex every success with her plans for the future and am pleased to see her receive support from not only ourselves, but from one of our existing Scottish Co Investment Fund partners, TRI Cap, as well as from Investing Women too.”
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