Vilnius-based knitwear brand The Knotty Ones has just closed a €250,000 bridge round from Coinvest Capital and a diverse group of female angel investors. The startup is planning further expansion in its key markets such as the United States.
Founded in 2014 by three female friends, Akvilė Meškauskaitė-Dobrajs, Sandra Pangonyte, and Danutė Rasimaviciute, The Knotty Ones is a sustainable clothing brand deeply rooted in the Lithuanian heritage craft of knitting. Since its first investment round in 2020, the knitwear brand has grown five-fold while committing to sustainability.
The company’s production is mostly done locally, as it is based on Baltic knitting traditions, even though 90% of the garments are sold to foreign markets, such as the USA, UK, Australia, Germany, and other Western countries. The Knotty Ones claims to only work with ethical suppliers like local family-run wool farms from around the globe.
“The new investment is breaking the stereotypes by showing that an all-female team can be investors in other female-founded businesses. Generally speaking, investing is becoming more popular among women, and female investments are often more successful than men’s – 59% of all businesses founded by women are profitable. Women take a longer-term investment perspective and more thoroughly assess potential risks, which is why many women-owned startups are often thriving,” - Viktorija Trimbel, the managing director at Coinvest Capital, comments.
Some of the most notable female investors participated in this round including Viktorija Trimbel, the Managing Director of Coinvest Capital, Giedre Dukauskaite, a famous model and brand ambassador. A new syndicate of female business angels, consisting of fashion strategist Ieva Zubavičiūtė, actress Gelminė Glemžaitė, and lawyer Karina Andriukaitiene, also supported the company.
The Knotty Ones’ plans to use the €250,000 investment to expand into international markets, particularly into the United States, foremost focusing on responding to the needs of their foreign customers via wholesale and e-commerce.