UK-based Prevayl raises €8.73M to develop ‘intelligent’ luxe sportswear; here’s how
Summary
The company has developed a luxe smart sportswear line which is not only wearable on a daily basis, but where the technology is embedded as a second skin.In simple terms, the smart clothing provided by the company, tracks the bodys biodata and provides custom insight solutions through biometric data.In a recent development, the data-driven luxe sportswear startup, has secured \xa37.5M (approx 8.73M) in a fresh round of funding by Stonebridge the digital-first consumer brand investment firm. The new investor is headed by James Cox, whos known for his involvement with Simba Sleep, Mahabis and Torque Brands.Adam Crofts, CEO & co-founder of Prevayl says, Partnering with Stonebridge has undoubtedly been a leg up for the business. Its providing us access to the Torque Brands e-commerce platform, which will accelerate our ability to scale, while offering our community a slick user experience helping us fulfill our global ambitions.Use of the fundsPrevayl will use the raised capital to kit out laboratories and fitness areas with data testing facilities. Additionally, the funds will also enable the company to hire new talents, garment design, continued innovation and IP creation, as well as developing an infrastructure for growth.Adam Crofts says, To secure \xa37.5M pre-revenue is testament to the whole team. 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.Founded by former personal trainer Adam Crofts (CEO), alongside serial entrepreneur David Newns (Chair) in 2019, after the duo spotted a gap in the market for a connected clothing brand that would look considered, feel great and provide exemplary performance data.According to the company, its sportswear line helps create actionable insights derived from the bodys response to physical and mental demands.Its team comprises apparel designers, hardware developers, intellectual property experts, and marketeers, who have experience in both apparel and technology, from the likes of GymShark, The Hut Group, VF Corporation, Lacoste, and Burberry, with others having designed for the 2016 Rio Olympics.The companys garments allow the wearer to connect with their body via the sensors, which are connected by invisible stainless steel threads, surrounded by a yarn that expands with heat to keep them close to the body.