Octopus Investments hits the slopes with backing of The Faction Collective
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The entrepreneur and investor behind businesses such as Seedcamp and Skimlinks had been backed by Octopus Investments in his latest venture.
The Faction Collective, a ski equipment and apparel provider, has received backing from Octopus Investments to the tune of €3 million (£2.44 million).
Joining the London-based investment firm are a number of angel investors and existing backers including Swiss-based angel group Go Beyond.
Founded in 2006 by Alex Hoye, Faction has to date been funded through two seed rounds and an angel round in 2010.
The capital raised will be used to expand the company's range of skis and other products, invest further in technology development and increase awareness.
As part of the deal, Simon Andrews, who led the deal for Octopus, will take up a position with Faction as non-executive director.
Hoye, co-founder and CEO of Faction, says the new investment will allow the business to pursue its growth ambitions as well as bring new product lines to market.
'Our team and investors share our vision that Faction can be part of the double-digit shift in the $7 billion market toward freeskiing at the expense of snowboards and traditional skis,' he adds.
'Octopus' hands-on approach to their investments, combined with the expertise they collectively have across the team and the Octopus Venture Partners, makes them a valuable partner to have on board as we take the business through its next stage of development.'
Octopus says that, as a firm, it has a 'strong track record' of investing in early-stage businesses that have the potential to dominate an industry.
Andrews comments, 'Faction has a strong leadership team which has made good progress to date in developing the business under the guidance of experienced entrepreneur and businessman Alex Hoye, combined with the design and product vision of Tony McWilliam.'
The investment is the second in a week for Octopus following its capital injection into telephone traffic software services business IOVOX.