Spektrum, the Swedish-based brand of ski goggles and sunglasses, has raised 18 million Swedish kronor (€1.7m-$2.0m) from new partners in order to finance its future international development and the diversification of its product portfolio in the safety equipment sector, including helmets.
Spektrum was founded in 2012 by a group of skiers and snowboarders including Andreas Nilemo, currently CEO of the company, with the idea of producing ski goggles with plant-based materials such as castor bean derivatives or recyclable materials, which now account for 64 percent of the brand’s finished products. The brand won a Gold Award for its bio-based Östra goggles at ISPO Munich in 2020.
The company has also developed a small collection of sports sunglasses which, like the ski goggles, are fitted with Zeiss lenses. The products are made in China and Italy.
Spektrum is now distributing its collections in about 20 markets, including the Nordics, most parts of Europe and some Asian countries. It expects to reach annual sales of SEK 12 million (€1.2m-$1.3m) in the 2021/22 financial year, up 70 percent from the previous year, with e-commerce accounting for about 15 percent of revenues.
As part of its internationalization drive, Spektrum has signed a distribution deal with a British sales agency, Black Peak Trading, that already sells the products of K2 Sports. It has also entered a distribution deal for the Italian market with Ferrino, the Italian brand of tents, backpacks and other outdoor products.
The Swedish company has been focusing on the sport distribution channel until now, but Nilemo told us that it was currently researching the optical market and would set a structure for this sector in 2023.
The new financing round, which values the company at SEK 100 million (€9.7m-$11.0m) according to the Swedish business newspaper Dagens Industri, brings on board Johan Thiel, former CEO of MIPS Protection, the stock-listed brand of safety helmets for sport and work activities, and his brother Marcus, who developed MIPS’ business in the professional segment. Sven Thorgren, a Swedish Olympic snowboarder and ambassador of Spektrum, is also becoming a shareholder of the company.
Thiel becomes a member of the board of Spektrum while Marcus will be in charge of building up the company’s activities in the protective equipment segment, including the launch of protective eyewear and a range of helmets. The raised funds will also be used to expand Spektrum’s international presence, in particular in the U.S. and Chinese markets.
Ingemar Stenmark, the legendary alpine skier, is also a shareholder and a board member of Spektrum. It has held other endorsement deals with the skier Ingemar Stenmark, the freerider Evelina Nilsson and the snowboarder Ingemar Backman.
Spektrum has now added another endorsee, the Swedish snowboarder Sven Thorgren, who turned professional in 2013, won Air & Style in China in that same year, competed in the 2014 Winter Olympics and has been a medalist at the Dew Tour and the X-Games. Thorgren has been using Spektrum goggles since he was an amateur. Thorgren’s other sponsors are Nitro Snowboards, GoPro, the Kläppen Ski Resort and Monster Energy. Spektrum maintains offices in Åre and Stockholm and uses plastics based on plants and recycled materials in its manufacturing.
