Wales Business Fund: Case study 1 – Jöttnar

Jan 4, 2018


Jöttnar, the technical outdoor clothing company headquartered in Cardiff received a seven-figure investment from the Wales Business Fund, which is part-funded by the European Regional Development Fund through the Welsh Government, and London-based investment fund Venrex. Jöttnar was founded in 2013 by former Royal Marine commandos Steve Howarth and Tommy Kelly who specialised in mountain and extreme cold weather warfare following their inspiration to match the extreme weather and beauty of the Scandinavian landscape with technical clothing.

Jöttnar moved into its fifth year of trading with the launch of its new 23 piece winter collection, having only started trading with just six items. Steve Howarth notes that they took a couple of years setting up but for both founders “the best way of achieving real professional and personal satisfaction would be to build a business around the things that we loved.”

Deputy Fund Manager Bethan Cousins is delighted that the Wales Business Fund could support the business as “Tommy and Steve have created a high quality product and a brand which is gaining a reputation for superiority in the technical clothing market”.

“This investment is going to support our expansion over the next few years as we grow our product range and promote the Jöttnar brand,” Steve adds. “We’ve been really happy with the support offered by the investor syndicate and their ability to offer a flexible funding solution for us.”

“The Jöttnar team not only have a great product range but also have a solid business plan for growth. We’ve been able to structure an equity deal to fund their growth as well as offering support at an executive board level,” explained Senior Portfolio Executive Leanna Davies. “Venrex have a strong track record in backing branded clothing businesses and we are delighted to work together on Jöttnar.”

Read more about Jöttnar here:

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