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Gym+Coffee investor funding tops €5 million

/ 18th March 2022 /
Nick Mulcahy

Investor funding for startup leisurewear brand Gym+Coffee now amounts to €5.3m, according to the company’s latest accounts filing.

The ‘athleisure’ clothing venture, established in 2017, topped up its equity base with €1.95m in December 2021, raised from EIIS investors.

G+C was founded by Diarmuid McSweeney, Karl Swaine and Niall Horgan, and sells hoodies, t-shirts, beanies, leggings and other casual wear.

When starting out, they trawled through AliBaba to source a manufacturer in Singapore. Order fulfilment was outsourced to 2Flow in Finglas, part of the Cyclone Couriers group, and for US sales there is an outsource partner in Michigan.

When recruiting in 2018, Gym+Coffee advertised a job vacancy for a ‘Lead Hoodie Trier-Onner’. Applicants had to have a minimum 15 years of experience in hoodie wearing, ability to perform in incredibly comfortable work environments, and strong proficiency in zipping things up (down was a bonus).

In Association with

“The successful candidate will be expected to try on at least seven hoodies per week, although wearing the same hoodie for 365 days a year interests us too,” the job ad stated.

Gym+Coffee
Funding

Operating company Gym Plus Coffee Ltd booked a net profit of €930,000 in 2020 and raised €3m in equity investment that year. The 2020 accounts filing discloses year-end taxation liabilities of €756,000.

Photo: Karl Swaine (left), Diarmuid McSweeney (centre) and Niall Horgan. (Pix:  Peter Houlihan, Fennell Photography)

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