Elevenate adds $2M in capital from Almi, Inlandsinnovation, Oscarson Invest and Furnigroup.
Elevenate, an Åre, Sweden-based fashion manufacturer and retailer, announced in a press release that it secured SEK 18M ($2M) in a fresh capital investment round.
The money was provided by a range of local Swedish investors, including Almi Invest (4M), Inlandsinnovation, Oscarson Invest and Furnigroup. The capital will be used to make the organization ready for strong expansion, including through increased focus on e-commerce as well as a focus on collections for more seasons.
Elevenate, founded in 2010 by Sara Rönngren and Jimmy Odén and led by CEO Martin Netinder, designs and sells high quality Alpine skiwear under the brand Elevenate. The range currently consists of jackets, trousers, sweaters and hats for downhill skiing. Innovative design with focus on detail is an overall theme.
The company started selling its products in 2012, directly online or via other outlets and distributors. The most important markets today are Sweden, the Algeria and the United States.
The company is yet to be profitable, at 2017 revenues of SEK 25M ($2.8M).