BRESCIA, Italy (BRAIN) — Italian consumer-direct cycling apparel brand La Passione has raised 7 million euros ($8.3 million) from a group of investors, including some of its existing investors, new investment funds and "business angels." The amount will be invested over four years.
"We have climbed many positions in the market in terms of sales, becoming a relevant brand in the industry. Now we want to increase our brand awareness, exploring new territories where online and offline marketing are integrated. The round will grant the development of these new projects," said company co-founder and CEO Giuliano Ragazzi.
Co-founder and COO Yurika Marchetti said, "Our business model has already allowed us to reach over 41 countries in a short period of time, establishing solid relationships with clients from every corner of the world and from every continent. We are focusing on the creation of new product lines dedicated to new end-users, people who have rediscovered the bicycle for different reasons — pandemic, pollution, traffic — and using it not only as a sport, but also as a practical and useful everyday mobility vehicle."
For this new investment round, following one that closed in 2019, original investors Milano Investment Partner (MIP), Club Italia Investimenti 2, Club Digitale and Cyclo Club participated.
New angle investors include Alberto Grignolo, the ex-COO of Yoox Net-a-Porter Group, and Andrea Tonti, a former professional cyclist.
La Passione said it expects its 2021 revenues will come from 40 nations and exceed 10 million euros, with 35% coming from the U.S. and UK, followed by Germany, Holland, Belgium, France, Italy and Spain.
Ragazzi and Marchetti founded La Passione as a digital native vertical brand in 2015.
