MEIF funding will enable snow sports apparel brand to invest in new sales channels and build on increasing demand.
Warwickshire-based Oneskee has secured a six-figure investment from the Midlands Engine Investment Fund (MEIF), Equity Finance Fund managed by venture capital firm Midven.
Co-founded in 2014 by brothers Josh and Scott Clifford, Oneskee is a snow sports apparel brand responsible for modernising the traditional all-in-one snowsuit design by developing an alternative for the younger generation of winter sports enthusiasts.
With Oneskee products now available online in 54 countries, the company has recently expanded its offering to include a range of waterproof hoodies, puffer jackets and après-ski clothing. Midven’s investment will support the firm’s ongoing growth, allowing it to develop new sales channels and build on increased demand from retail stores across Europe and America.
Scott Clifford, Co-founder of Oneskee, said: “The MEIF investment delivered by Midven comes at the perfect time, providing us with the opportunity to take Oneskee to the next level. We’re looking forward to working in partnership with Midven, which will allow us to increase the stock levels of the company, and meet the ever-increasing demand from our growing customer base.”
Due to growing popularity in winter sports, boosted by markets such as Asia, with the upcoming 2022 Winter Olympics set to be held in Beijing, Oneskee is facing an increasing demand for its products. As a result, the firm will also use the investment to expand its team, creating new jobs across the Coventry and Warwickshire region.
Giovanni Finocchio, Investment Director at Midven, said: “Josh and Scott have done a great job of creating a dynamic and fun winter sports brand; with investment from the MEIF we believe that there is a fantastic opportunity to grow the brand, add further products to the range and build a valuable and desirable business. Over the next year or two we should see significant growth and job creation.”
Grant Peggie, Director at the British Business Bank, said: “It is good to see finance from the MEIF supporting new jobs and product expansion including into international markets. Unlocking new business growth and in turn boosting the Midlands economy is a key objective of the MEIF.”
Sean Farnell, board director at the Coventry and Warwickshire Local Enterprise Partnership, said: “It is great the growing business is proving to be such a hit in a competitive sector with the younger demographics. This investment will allow Oneskee to develop its range of products even further from its operational base in Leamington Spa and continue to go from strength to strength.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.