SPORTTAPE raises £1m from the Development Bank of Wales to scale operations
The funding follows a previous loan in 2022 and will support international growth, product development and marketing.
Sporting tape manufacturer providing kinesiology and athletic tapes to professional clubs and individual athletes across the globe.
SPORTTAPE has secured £1m in equity and debt funding from the Development Bank of Wales to support its international expansion. The Caerphilly-based business, which supplies athletic tapes to over 1,000 clubs and one million athletes, intends to use the capital to scale its marketing efforts, develop new products and increase stock.
The latest injection follows an initial £250k loan from the same investor in 2022, which helped the firm grow its annual turnover from £1m to over £4m within two years. Having recently moved to a new 10,000 sq ft facility in Bedwas, the company is targeting a turnover of £12m as it expands its footprint into 16 countries and beyond.
From the founder
"We’re a small business with sport in our DNA and we’re focussed on doing one thing well – making the world’s greatest sport tapes. We have now sold over five million meters of our flagship kinesiology tape and we’re teaching techniques and skills to athletes all over the world to master faster and more effective tape applications."
Kate-Anne Kelly
Director at SPORTTAPE
Investor perspective
"Our job is to provide sustainable debt and equity funding for entrepreneurs in Wales to help them to achieve their full potential. Kate-Anne and Carl have put in the groundwork to build a great business that has real potential to become a successful Welsh export story."
Bethan Knight
Portfolio Executive, Development Bank of Wales
Use of funds
- 01Expand into international markets
- 02Invest in sales and marketing
- 03Continue product development
