Lingerie e-tailer gets VC backing
Article Date: Dec 12 2007BeCheeky.com, an online retailer of ‘hard-to-find’ women’s underwear, has raised £630,000 from venture capitalists (VCs) and angel investors. The backers included regional VC fund South West Ventures, which contributed £200,000.
The Poole-based company, which has a turnover of nearly £1 million, was founded by husband and wife team James and Sarah Akin-Smith in 2005. It offers over 1,200 individual items of ‘mainstream’ lingerie and swimwear from brands such as Bracli, Lola Luna, Morgan, Princess Tam Tam and Sensualle.
CEO James Akin-Smith says: ‘There is a growing demand among mature and increasingly self-confident consumers for affordable pleasures such as high-quality sensual women’s lingerie.
‘We believe we have identified a niche in the market for a supplier of the best branded lingerie and swimwear from around the world.’
Nick Simmonds, investment manager at YFM, which manages South West Ventures, comments: ‘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.’
South West Ventures has £25 million to invest in small and medium-sized enterprises in the South West of England. Its maximum initial investment is £333,000 and it has invested £7.1 million in 25 companies to date.
