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Jul 21, 2022
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Gym+Coffee gets €17m new investment for UK, Europe growth

Published
Jul 21, 2022

Gym+Coffee, the fast-growing Irish athleisure brand, has raised an extra €17 million in new funding in a round led by Castlegate Investments.


The Gym+Coffee team



The new cash will allow it to continue its UK expansion and also grow in key markets such as Germany, which is the biggest athleisure market in Europe.

Its shareholders to date have included pop star Niall Horan, rugby legend Brian O’Driscoll and the Davy EIIS fund.

Roy Barrett of Castlegate Investments said: “Gym+Coffee is already a fantastic Irish success story and an exciting brand with huge potential to be a global success story. Their product is best in class and the passion they have for their community is unique and genuine. We’ve been very impressed by the management team and their vision for the future, and we are delighted to help support them on the next stage of their journey.” 

The brand was founded by Niall Horgan, Diarmuid McSweeney and Karl Swaine in 2017 and is particularly known for its hoodies in its native Ireland and in Britain.

Since 2019 it has grown its retail footprint to 12 stores and in the last year it has opened its first Clubhouse format in Northern Ireland and debuted at Liverpool One.

In the three-year period it has also seen its headcount reaching over 200 and a 15-fold increase in annual sales. Its growth was supported up until now by an €4 million capital raise that helped it to move beyond its domestic market.

Although smaller than its peers such as Castore and Gymshark, it’s part of the same trend that has seen small industry disruptors taking on the giants of sports and athleisure and often beating them at their own game, growing rapidly in the process.

This has been achieved by strong product, of course, but also by community engagement, event participation (Gym+Coffee’s engagement programme takes in over 300 events), and a brand ambassadorship drive including professional footballers Rachel Corsie and Jodie Taylor, and cricketers Danni Wyatt and Tammy Beaumont. It’s also an official partner to Aston Villa Women's Football Club.

Niall Horgan said of the new investment: “Castlegate is a dream partner for us, they really believe in our vision and we know they will bring a wealth of experience and knowledge to Gym+Coffee that will be instrumental in the coming years.”

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