Stonebridge makes GBP7.5m investment in Prevayl
Prevayl, a northern start-up powering up an advanced generation of data-driven luxe sportswear has secured a GBP7.5 million investment from Stonebridge, the digital-first consumer brand investment firm.
Stonebridge is headed by DTC entrepreneur James Cox (Simba Sleep, Mahabis, Torque Brands).
Prevayl was founded by former personal trainer Adam Crofts (CEO), alongside serial entrepreneur David Newns (Chair), one of the UK’s youngest-ever FTSE executives with two exits already under his belt, in April 2019 and launching to consumers in Q4 of 2021.
The duo spotted a gap in the market for a connected clothing brand that would look considered, feel great and provide exemplary performance data.
Headquartered in Manchester, Crofts has built an elite team of experienced apparel designers, hardware developers, intellectual property experts and marketeers, whose CVs are furnished with experience in both apparel and technology, from the like of GymShark, The Hut Group, VF Corporation, Lacoste, and Burberry, with others having designed for the 2016 Rio Olympics.
At launch the fashion-forward brand will consist of three distinct elements; the sportswear, the hardware and the app, underscoring Croft’s vision to straddle the athleisure and tech industries.
“To secure GBP7.5 million pre-revenue is testament to the whole team,” says CEO, Adam Crofts.
“Everyone is on the same page – the drive and ambition is palpable. Creating a global community and owning the connected clothing market hinges on cultivating genuine buzz and talkability.
“Which ultimately relies on creating a product that not only knocks others out of the park, but also on the right infrastructure to scale at pace.
“Partnering with Stonebridge has undoubtedly been a leg up for the business. It’s providing us access to the Torque Brands eCommerce platform, which will accelerate our ability to scale, whilst offering our community a slick user experience – helping us fulfill our global ambitions.
“We are all really focused on igniting a new era of innovation that not only gets the blood flowing and puts the heartbeat back into the region’s rich textile heritage, but puts Prevayl on the map worldwide.”
The new funding will be used to kit out state-of-the-art laboratories and fitness areas with data testing facilities, new hires, garment design, continued innovation and IP creation and developing an infrastructure that will facilitate growth.