CEO and founder Ben Farren, said: “The success of Spoke has always been underpinned by an incredibly engaged community of SPOKEsmen – and for years we’ve been asked about opportunities to invest. We have an unusually personal connection with our customers – so it feels right that they join us on the journey as we build the World’s most personal menswear brand.”
The monies raised will be used to invest in team, technology and marketing to accelerate SPOKE’s reach in international markets. The US is SPOKE’s second largest market after the UK and is currently growing at over 100% per annum. SPOKE will invest in a dedicated US team, to be London based, with the aim of more than quadrupling US revenues by FY24.
The team has just opened a distribution centre in Germany. The site will be used to hand finish all items for local distribution, and service more efficiently its growing business across Continental Europe.
Benefitting from the changing world of work post pandemic, SPOKE is currently trading ahead of target for the full year, with year-on-year gross revenues currently up over 60% on 2021’s £17m.
David Mott, Founding Partner at Oxford Capital, said: “At Oxford Capital we are passionate about backing founders and we’re thrilled to see the progress that Ben and the team have made in growing the SPOKE brand. The company has successfully managed the changing needs of consumers – growth over the last year and projections for the year ahead are really promising.”
Ben added:“We are experiencing an exhilarating post pandemic recovery, with growth of more than 60% year-on year, as work and going out trends normalise. The monies raised will enable us to accelerate our progress in our international markets of Europe, and the US where we are currently growing at over 100% pa, and progress towards our vision of building the World’s most personalised menswear brand.”
Clement Bigot, Senior Investment Manager at Seedrs. “The success of Spoke’s crowdfunding campaign was testament to the product and community they have built since their launch in 2014. With over 1,500 investors, the campaign was the most successful campaign on the Seedrs platform so far in 2022.”