Protective cycle wear company ArmaUrto completes £300k funding round
Investors in this round: The FSE Group
Protective cycle wear provider ArmaUrto has completed its £300k funding round.
The company has secured a £150k equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), in a round led by The FSE Group, the appointed fund manager of CIOSIF.
Martin Macey, Fund Manager at The FSE Group, added: “It was a real pleasure to work with Chris and the team. Being a regular road cyclist myself, I could immediately see the appeal of ArmaUrto’s high-quality products that address a clear market gap. Road cycling is a ‘hot sector’ for investment and Cornwall is becoming known as a popular location for a number of top cycling brands. We’re excited to be supporting ArmaUrto’s high-calibre management team on their journey.”
Sarah Newbould, Senior Manager at the British Business Bank, said: “This investment is a great example of how CIOSIF can help businesses to scale up and attract additional investment. We are pleased to see CIOSIF continuing to provide vital funding which can make a real and measurable difference to businesses in Cornwall and the Isles of Scilly.
LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “It’s no exaggeration to say that ArmaUrto is revolutionising cycle wear. The combination of innovative products, a strong management team and the continued boom in cycling means the company is ideally placed for strong growth. We’re delighted to be investing in the business.”
CIOSIF is supported by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.