ONTHEGO Apparel successfully raises $5 million to accelerate growth
We are pleased to announce that we have successfully advised ONTHEGO Custom Apparel (OTG) on reaching the minimum A$5m investment out of a targeted A$8m total capital raise. The minimum investment provides OTG with a least 12 months runway to pursue a number of new opportunities that have emerged as a result of the COVID-19 pandemic along with accelerating the launch of their new e-commerce platform for retailers, not-for-profits, influences and sports clubs.
Enabling every organisation to design and order custom products with ease
OTG’s proprietary software enables customers to design and order apparel and accessories online or via in-store kiosks and have their order – from one unit to 5,000 units – fulfilled within two weeks. Over the past 12 months, the company (which is backed by Wesfarmers) has made substantial progress, launching with a number of major Whitelabel partners including Officeworks and Kmart whilst also growing their direct sales presence within sport and enterprise clients.
“We have completed the minimum raise of $5m which provides OTG runway for continued growth over the next 12+ months. We are aiming to finalise the remaining balance of $3m (total $8.0m investment) over the coming weeks to enable the company to accelerate momentum including strategic acquisitions.” Mick Spencer, Chief Executive