BeCheeky.com secures Venture Capital Funding For A Rosier Future
December 2007
Poole-based BeCheeky.com, the online retailer which specialises in selling hard-to-find and carefully-selected mainstream lingerie, has secured £200,000 venture capital funding from the YFM Group managed South West Venture Fund. This figure, which was supplemented by Angel investors, is part of a financing round totalling over £630,000.
BeCheeky.com was founded in 2005 by husband and wife team James and Sarah Akin-Smith to take advantage of the growing demand for high quality sensual women’s lingerie. It currently offers over 1,200 individual lines from brands such as Bracli, Lola Luna, Morgan, Princess Tam Tam and Sensualle, and attracts 130,000 individual visitors per month. In addition, it sources innovative lingerie and swimwear from suppliers around the world. The company has a turnover of nearly £1 million and the funding from the South West Venture Fund will assist in boosting marketing efforts and widening the product ranges.
The U.K. lingerie market has achieved growth of 27% over the last five years and is now worth over £1.5 billion per annum. Online sales are growing steadily, driven by easy access to broadband and increasing levels of consumer confidence in online security. According to Verdict Research, the leading authority on U.K. and European retail markets, online shopping is growing 13 times faster than traditional retailing, with the market being valued at £11 billion in 2006 and forecast to reach £28 billion by 2011.
Speaking about the investment, James Akin-Smith, Chief Executive Officer of BeCheeky.com, said: “The funding from the South West Ventures Fund comes at an exciting time for our company, as it will enable us to expand the ‘best of the best’ ranges we carry and concentrate on achieving further growth in what is a rapidly developing market.”
He added: “We believe we have identified a niche in the market for a supplier of the best branded lingerie and swimwear from around the world. There is a growing demand among mature and increasingly self-confident consumers for affordable pleasures such as high quality sensual women’s lingerie. We are confident that with this funding and our approach to product selection, we will be able to maintain a high-growth strategy.”
Nick Simmonds, Investment Manager at South West Ventures Fund at YFM Group Bristol office, said: “BeCheeky.com’s rigorous and professional business approach means that it is well-positioned to take advantage of the growth of the lingerie market and the growth in the online shopping market in general.”
He continued: “We are impressed at the systems already put into place by BeCheeky.com and are pleased to offer further support that will enhance the growth of this thriving business.”
NOTES TO EDITORS:
YFM Group - South West Ventures Fund
YFM Group – is the UK’s most active investor in the small and medium enterprise marketplace. YFM Group manages in excess of £300 million of funds with investment sizes ranging from £50,000 to £5 million. Principal offices are located in Leeds, Manchester, London and Bristol with over 45 investment professionals being employed across the UK.
The YFM Group managed South West Ventures Fund is a £25M fund that has been set up to provide venture capital to small and medium sized enterprises (SMEs) based in the South West of England. Initial investment can be up to £330,000 with an ability to invest a further £330,000 after six months. In certain circumstances, alongside other new investors, the Fund can follow on its investments to provide a total of £2.5 million to one company. To date the fund has invested £7.1m in 25 companies.
South West Ventures Fund is managed by YFM Venture Finance Limited part of the YFM Group. YFM Venture Finance Limited is authorised and regulated by the Financial Services Authority.
For further information about YFM Group and South West Ventures Fund, please telephone 0117 906 3410, log on to www.southwestventuresfund.co.uk or email info@southwestventuresfund.co.uk
MEDIA ENQUIRIES:
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