A six-year-old Italian DTC cycling apparel brand, La Passione Cycling Couture (La Passione Srl), has raised €7 million in another round of financing. The cash injection comes partially from existing investors – Milano Investment Partner (MIP), Club Italia Investimenti 2, Club Digitale and Cyclo Club – who have been on board since the first round of financing, closed in 2019. This time, they were joined by some (unspecified) international investment funds and so-called business angels, including the ex-COO of Yoox Net-a-Porter Group, Alberto Grignolo, and a former professional cyclist, Andrea Tonti. “We have become a relevant brand in the industry. Now we want to increase our brand awareness and explore new business areas integrating online and offline marketing. The funding round will enable the development of these new projects,” said Giuliano Ragazzi, co-founder and CEO of La Passione. The Italian company aims to crack the €10 million revenue mark in the current fiscal year. According to La Passione, 35 percent of its sales are generated in the U.S. and U.K. markets alone. La Passione also reports successful sales performances in Germany, the Netherlands, Belgium, France, Italy and Spain.

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