April 8, 2020 @ 9:32 by Richard Dawson
A UK price comparison website for football merchandise and sportswear has secured a £1.625 million round of investment that will allow the company to roll out its expansion strategy and global growth plans.
Durham-based Footy.com will use the funding injection to increase brand awareness, bolster its workforce and invest in its online technology so customers can find competitive deals on sportswear with ease.
The funding has been made available by North East venture capital firm Northstar Ventures.
Established in 2015 by five entrepreneurs, Footy.com helps customer throughout the UK, Europe and USA get the best prices for trainers, football boots, kits and sports clothing.
With investment secured through the North East Innovation Fund managed by Northstar and a selection of angel investors, the company will now move forward with plans to relocate to a new office and is actively searching for talent to bring into the organisation.
Looking ahead, Footy.com believes it is on course to achieve a £1 million turnover rate in the next 12 months and expects this to grow to £5 million within the next three years.
Company CEO Paul Lucherini, who was formerly commercial director at J2 Global, said: “We believe we’re the only company globally comparing prices across the football world and the technology we have built is robust and innovative.
“We’ve got a great opportunity to grow a North East based business into something that millions of people will benefit from.
“The new funding we have acquired will help us reach the millions of football fans around the country, and the world.
“The plan is to build the awareness of Footy.com as well as optimising the technology so that we become the go-to place when people look for new trainers and football-related merchandise.
“We’re planning for quick growth and ultimately have the opportunity to look at international markets such as the USA, Europe and Asia-PAC too.”