La Passione has secured its long-term strategic growth plan with a new investment round.
The direct-to-consumer clothing brand has received a new capital increase of €7 million over four years that will enable it to increase its brand awareness, explore new territories and accelerate its growth in the market.
“We are very happy to receive unceasing appreciation not only by the market,” said Giuliano Ragazzi – CEO and founder of La Passione, “but also from our historical investor members, important international investment funds and business angels, who have immediately believed in us and are enthusiastically providing their resources and experiences to strengthen the success of the brand.
“We have climbed many positions in the market in terms of sales, becoming a relevant brand in the industry. Now we want to increase our brand awareness, exploring new territories where online and offline marketing are integrated. The round will grant the development of these new projects.”
Yurika Marchetti, COO and founder, added: “Our business model has already allowed us to reach over 41 countries in a short period of time, establishing solid relationships with clients from every corner of the world and from every continent.
“We are focusing on the creation of new product lines dedicated to new end-users, people who have rediscovered the bicycle for different reasons – pandemic, pollution, traffic – and using it not only as a sport, but also as a practical and useful everyday mobility vehicle.”
For this new round, the institutional investors originally onboard with La Passione since the beginning are confirming their trust in the project: Milano Investment Partner (MIP), Club Italia Investimenti 2, Club Digitale and Cyclo Club. Two business angels are also joining: Alberto Grignolo, ex-Coo of Yoox Net-a-Porter Group and Andrea Tonti, an ex-professional cyclist with active participation in numerous editions of the Tour de France, Giro d’Italia and World Championships.
“I am honoured to fully confirm my trust in La Passione,” said Grignolo, “in its co-founders and in the team. The project is the best expression of Italian potentials in the digital world: market intuition, product and style Made in Italy, perfect digital execution. All to a global reach. The extraordinary growth and great successes achieved by La Passione in 2020 are further proof of the enormous potential of this project.”
Read the July issue of BikeBiz below: