The Cambridge Satchel Company has been given a £12.7m cash injection by venture capital firm Index Ventures to support the company’s expansion and sharpen its digital offering.
Julie Deane and her mother, Freda Thomas founded The Cambridge Satchel Company in 2008 at Julie’s kitchen table.
Having invested just £600 to get the idea off the ground, the company is now a pioneering business and continues to expand further.
Index Ventures, who has also helped the likes of ASOS, Net-a-Porter and Nasty Gal has invested the money, which will help the independent brand expand and enhance its digital presence, by hiring a new senior management team and improving the website.
The luxury bag company, which manufactures classic British satchels at its Leicestershire base, is also planning an effective overseas expansion across the US and China.
The US is looking to be a lucrative market for the company, as Cambridge Satchel products were chosen by Matt Weiner, the director of hit US TV show Mad Men, as party gifts for the show’s stars – including the likes of Emmy Award nominee, Christina Hendricks.
Mrs Deane told The Daily Telegraph that she had received a number of approaches from investment companies but Index Ventures were the company that could offer “more than a cheque book” to CSC – due to their previous work with successful online outlets.
She told the Daily Telegraph: “Index has a fantastic track record with digital companies. We’ve done so well to get this far and, with this investment, we can take it so much further.”
Index Ventures were given a minority stake of the business for their £12.7m investment.
“We started the business from my kitchen table with just £600 and now a minority stake is worth millions. It’s amazing” said Mrs Deane.
Cambridge Satchel has also just unveiled its Spring/Summer 2014 collection which features a whole host of gorgeous, vibrant colours. The bags also come in a variety of sizes from 11″ to 15″.
To get your own Cambridge Satchel and join the likes of Alexa Chung and Christina Hendricks, head over to their website or alternatively, find one at Paperchase in Newcastle or at the Gateshead Metro Centre.