The Australian Business Growth Fund (ABGF) has invested $10 million into Solbari, a Melbourne-based brand that produces clothing and accessories for sun protection.
Solbari intends to continue its local and global expansion with ABGF’s funding. This includes growing its wholesale market presence through specialist outdoor retailers such as Paddy Pallin, as well as continuing to build an international presence in countries such as the United States, Canada, the United Kingdom and New Zealand.
It also includes building partnerships with corporate Australia and targeting a younger audience.
"ABGF’s support will ensure our journey as a global leader in sun protection continues, further enabling our mission to empower people to live a sun-smart life,” Solbari founder and CEO Johanna Young siad.
“ABGF’s strategic insights and networks, coupled with a deep understanding of our industry, will be instrumental in our next phase of growth.”
Solbari was established in 2014. The brand produces fashion across men’s and womenswear - including tops, bottoms, swimwear, sun hats and accessories.
The brand reportedly has a customer base of more than 300,000 people from 160 countries, with 10 stockists across Australia and 25 employees.
ABGF co-head of investments Ghazaleh Lyari said investing in Solbari was particularly compelling due to its specialisation in sun-protective offerings focused on addressing a customer cohort with health concerns.
“The products are not considered as discretionary spending but rather essential items,” Lyari said.
“Moreover, the versatility of this business model positions it with a diverse potential for growth, opening the door to strategic partnerships that include retailers, corporates with stringent Occupational Health and Safety requirements and organisations whose employees work outdoors, such as council workers, construction workers, sports clubs, and educators."
This latest partnership brings ABGF’s total investments into Australian businesses to $153 million.