Stripe & Stare secures £2.5m investment
Sustainable underwear brand Stripe & Stare has received £2.5 million in new funding following an investment round led by growth capital investor BGF.
BGF provided £1.5 million of the funds and the remaining amount came from private backers, including Richard Longhurst, co-founder of Lovehoney and Sam Galsworthy of Sipsmith Gin.
Based in Devon, Stripe & Stare was founded in 2017 by Katie Lopes and Nicola Piercy. Its range includes underwear, lounge and sleepwear and is made from a material called Modal that is sustainably produced in Austria from beechwood trees.
Stripe & Stare knickers are 95% biodegradable and in 2021 it released a world first 100% biodegradable lace underwear collection, which can be put in compost rather than landfill.
The business sells its products online through its own website and they are also stocked by a range of independent and high-end retailers including Selfridges in the UK and Bloomingdales in the US.
Stripe & Stare has grown its annual revenue by over 100% for the last three years with sales driven by an increased demand for sustainable fashion.
The company will use the funds to scale the business by increasing employment and production capacity at its Yelverton headquarters to drive UK and international sales.
Piercy said: “The last 12 months has exceeded all expectations for the business. We’ve seen consistently strong organic growth and repeat purchase rates. We’ve created a product that women absolutely love and as a result we’ve received global recognition for our product range.
“In order to move to the next stage of growth it was clear we needed a partner who understood the needs of our company and could provide the support we need to scale. There was clear synergy between Stripe & Stare and the BGF investment team. With a focus on long-term, minority investment and experience of building successful ecommerce businesses, it was clear they were the right partners to take us to the next stage of growth.”
The investment for BGF was led by Daniel Tapson and Hannah Waters.
Tapson said: “Stripe & Stare represents an exciting opportunity to back a fast growth brand which has placed sustainability right at the heart of its business. We have been impressed by the vision and values of Nicola and Katie, two inspirational female founders, who are determined to shake up the fashion industry and are passionate about demonstrating that there is no trade-off between profit and purpose.”
Stripe & Stare is chaired by Robin Howard, a former menswear and childrenswear director of Boden.
Howard added: “Stripe & Stare has a clear vision to be one of the biggest sustainable fashion brands in the world. As a result of BGF’s backing, and the support of our new investors, we will have the financial footing and strategic guidance to make this a reality.”
