2023-11-21 08:09:32
Innovation is not only technological, it can also be responsible. This is the bet taken by Circle Sportswear, a running lifestyle brand. Established for three years, the startup offers clothing and accessories for runners, which combine technicality, style and eco-design.
After a successful crowdfunding campaign in 2020, a funding round of 1 million euros in 2021, and another of 2.5 million euros in March 2022, Circle Sportswear has just completed a Series A of 4 million euros led by Alter Equity, the fund of Fanny Picard, pioneer of impact investing in France. Its historical investors and a new entrant, Thierry Peuchot, the former marketing director of Nike, also participated in the round.
Circle Sportswear wants to offer more responsible fashion
“We want to show that it is possible to reinvent the running industry by combining durability with technical performance and elegance. Circle Sportswear stands out for its environmental and social commitment to 100% of its products and its value chain,” says Romain Trebuil, CEO and co-founder of Circle Sportswear.
The brand indeed offers a new approach at each stage of the value chain: production, manufacturing, guarantee, to favor local, carbon-free, sustainable and employee-friendly production. Circle Sportswear has been certified by Fairly Made, a traceability analysis and control platform, which certifies each manufacturing stage against more than 35 environmental and social criteria.
“Circle presents the most advanced approach in terms of eco-responsibility, and that is exactly what we are looking for,” shares Marion Chanéac, associate investment director of Alter Equity. Among the 28 companies in the portfolio, Circle Sportswear will be the second company in the responsible fashion sector after Imparfaite, the vintage fashion marketplace.
“We needed a fund that could understand that our responsible approach meant taking a little longer for certain developments. When we met with Alter Equity, they immediately asked us, in addition to traditional KPIs, for access to our product life cycle analysis tool. It’s anecdotal, but it reflects the match of values,” confides Romain Trebuil.
Circle accelerates and launches its first sneaker
The brand now has 60,000 individual customers and is distributed in more than 50 points of sale and more than 25 countries. In 2023, the company launched for pre-order its first bio-sourced, recyclable and European-made sneaker which will be available in April 2024.
The fundraising should enable Circle Sportswear to extend its product range, strengthen its brand awareness and accelerate its sales in France and Europe. “We have been in existence for three years, after the first stages of research, implementation of products and fundamentals, we are at a turning point. We also chose this moment to launch our shoe, which will be our most disruptive innovation. We therefore have healthy and solid foundations, but we need funds to accelerate,” shares Romain Trebuil.
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