Tropicfeel closes a 5 million round led by Fondo Bolsa Social

Tropicfeel, the Barcelona-based startup of sneakers, backpacks, and clothing for responsible travelers, has closed a Series A financing round for 5 million euros. The operation has been led by Fondo Bolsa Social and other current shareholders of the company, such as Ona Capital. The Madrid-based fund specializing in investing in impact companies, Fondo Bolsa Social, already led another financing round of two million in 2021 to strengthen the growth of the startup founded and led by Alberto Espinós.

This new operation will finance the accelerated growth of the company, which has increased its sales by 80% in the last year, reaching revenues of 22 million euros in 2022, the year in which it opened its first physical store on Portaferrissa street in Barcelona.

"We are very satisfied with the closing of this operation, as it provides us with the necessary financial muscle to diversify our sales channels and enhance our omnichannel strategy. The goal we have set is to maintain the enormous current growth rate, which is above 50%," explains Espinós. According to the entrepreneur, 2023 is a "year of great challenges" due to the full recovery of normalcy in the travel sector, so this round allows them to "face the projected growth in the best way."

With headquarters in Poblenou, where it employs a team of 44 people, Tropicfeel will allocate the raised resources to consolidate the markets in which it is already present, mainly the United States, Spain, the United Kingdom, and Germany, and to enter or expand into new countries. "We want to achieve a greater balance between our different sales channels. To do this, we have set objectives that contribute to achieving that mix and boost the visibility and sales of our products beyond our own e-commerce, which currently accounts for 96% of our business," says the entrepreneur, who considers it a priority to enhance this omnichannel strategy with the opening of new physical stores.

For Maria Echávarri, partner at Fondo Bolsa Social, participating in this operation is "great news, as we consider Tropicfeel to be a company fully aligned with the values of social and environmental responsibility that we want to promote with our investments. We believe that the company has done a great job so far and we want to contribute our bit to achieve each and every one of the objectives that have been set out in the business plan for the coming months and years, such as its ambitious growth and expansion plan."

Tropicfeel was born in 2018, when Alberto Espinós conceived a new model of sneakers ideal for travelers, managing to pre-sell 35,000 pairs in 50 days. The orders, 100% online, were placed by 26,284 buyers from 140 countries who fell in love with a very functional sneaker prototype, specifically designed for backpacker travelers, and who connected with a company philosophy committed to the environment and sustainable tourism.

Over time, Tropicfeel has diversified its catalog to become a global brand of sustainable travel items and now also sells backpacks —characterized by having a thousand and one pockets and compartments—, t-shirts, vests, and technical jackets. "We don't want to be just a footwear brand, we want to dress the traveler from head to toe," said Espinós (Barcelona, 1993), in an interview with The New Barcelona Post.