Cambridge Satchel Company bags $21 million investment from Index Ventures
The Cambridge Satchel Company has raised $21 million in funding from venture capital firm Index Ventures as it looks to build its online presence and expand further overseas.
Index Ventures has taken a minority stake in the company, after already having backed a number of global brands and fashion retailers such as ASOS, Net-a-Porter, Nasty Gal and Moleskine.
Founded in 2008 by Julie Deane, The Cambridge Satchel Company now employs 100 staff and sells its brightly coloured satchels to more than 100 countries.
Deane, who still oversees almost every aspect of the business, plans to use the investment to bolster the management team and to recruit specialist digital talent to boost the company’s international presence online. The funding will also help the business push into new markets and expand further in existing markets such as the US.
Never Miss a Retail Update!With new product ranges in the pipeline, the workforce at The Cambridge Satchel Company’s manufacturing-base in Leicestershire is now set to grow and its apprenticeship scheme will also be expanded.
Deane said: “Digital is at the heart of everything we do, which is why we are so excited to be entering into this partnership with Index, who have no equals in the digital arena.
“Their work with inspirational companies like Moleskine, ASOS, Net-a-Porter and Nasty Gal, shows why they are the best-placed investors by far to help us navigate this fast-moving and ever-changing space, as we take The Cambridge Satchel Company into new markets and expand our global digital presence.”
Giuseppe Zocco, co-founder and partner at Index Ventures, added: “The continuing rise of The Cambridge Satchel Company is one of Europe’s most exciting entrepreneurial stories. With vision and determination, Julie turned a boot-strapped company, born without resources or support, into one that is so fearlessly taking on the world.
“At Index, we have no doubt that she has the ambition to continue to develop The Cambridge Satchel Company as a world-renowned brand. We are delighted that she has chosen us to help support her in that exciting mission,” he said.
