Industry: Sportswear
Sportswear brand funding
Newer running and outdoor brands are growing faster than the giants, and investors pay up for the winners. Our decks and models show that your brand sells at full price and turns its stock.
- Market, deal and investor data for activewear, running and outdoor brands
- Decks and models built on sell-through, margins and stock turns
- Waveup prepares investor materials for sportswear companies: $3B+ raised for 600+ startups since 2014
In short
What is sportswear brand funding?
Sportswear brand funding is the money activewear, running, outdoor and athletic footwear brands raise to grow. Angels and consumer VCs write the first cheques. Growth funds, strategic buyers and lenders follow once sales are proven. The prize is large: sporting goods sold at wholesale in the US reached $130B in 2025. Investors still check sell-through and margins first.
- Who it's for
- Activewear, running, outdoor and athletic footwear brands, pre-seed to Series D+
- What we build
- Investor deck, financial model, valuation, investor list, data room
- Prices
- Deck from $6,000, model from $3,000. Flat fees
- Track record
- $3B+ raised for 600+ startups since 2014
Market data checked on 5 November 2026. Sources are under each section.
Is the activewear market oversaturated in 2026?
Crowded, yes, but not closed. Challengers in running and outdoor keep growing fast, while Nike's sales have gone flat.
The opportunity
Shoppers move to brands with better product, and newer names keep winning them.
- On, HOKA and Amer Sports are growing much faster than Nike
- Asia is the fastest-growing region for On and Amer Sports
- Premium running and outdoor products still earn high margins
The problem
US wholesale sales of sporting goods grew 3.7% in 2025, so a new brand mostly grows by taking share. The leaders defend that share with big budgets and the best shelf space.
Market size
How big is the sportswear industry, and what drives it?
Research firms disagree on the global total: their 2025 estimates run from $220B to $399B. A firmer count comes from the SFIA, which puts 2025 US wholesale sales of sporting goods at $130B. Four forces drive growth now:
- Athletic shoes: footwear made up $24.1B of those US wholesale sales, and grew faster than the rest
- Challenger brands: HOKA's sales rose 15.9% in the year to March 2026
- Technical outdoor: Amer Sports' technical apparel sales rose 32% in Q2 2026, led by Arc'teryx
- Direct sales: On's sales through its own stores and website rose 26.0% in Q2 2026
Venture capital
Where does investment in sportswear brands go now?
No tracker we could open publishes a sportswear funding total, so this section follows the deals. Big cheques go to brands that already sell well, through growth rounds, listings and buyouts.
growth equity Norwest put into Vuori in late 2019, for a minority stake
Vuori's valuation in its later funding rounds
premium 3G Capital agreed to pay to take Skechers private, in May 2025
Who invests in sportswear brands?
Sports VCs back young companies, growth funds buy stakes in proven brands, and big groups buy brands outright. Lenders fund stock without equity. For seed names, see our list of fashion and apparel venture capital firms.
Investor database
Sports and fitness investors in our database
The funds with the most sports investments. Pick a stage, or open a fund for its cheque sizes.
Top 5 by sports investments
Investments by industry
- Software & Apps32%
- Sports & Fitness13%
- Healthtech & Wellness8%
- Rounds
- Pre-seedSeedSeries ASeries B
- Average cheque
- $100K–$500K$500K–$1M$1M–$3M
- Based in
- Santa Monica, United States
- Invests in
- Israel, MENA, LatAm +5
279 investments in total, 10 tagged Sports & Fitness.Open the full fund profile
Investments by industry
- Software & Apps20%
- Sports & Fitness11%
- Gaming9%
- Rounds
- SeedSeries ASeries BSeries C+
- Average cheque
- Not listed
- Based in
- Menlo Park, United States
- Invests in
- East Asia, USA
367 investments in total, 10 tagged Sports & Fitness.Open the full fund profile
Investments by industry
- Healthtech & Wellness15%
- Sports & Fitness15%
- Hardware. Robotics & IoT8%
- Rounds
- SeedSeries A
- Average cheque
- $0–$100K$3M–$10M$10M–$50M
- Based in
- Los Angeles, United States
66 investments in total, 4 tagged Sports & Fitness.Open the full fund profile
Investments by industry
- Software & Apps17%
- Web 3.011%
- Fintech & Financial services11%
- Sports & Fitness6%
- Rounds
- Pre-seedSeedSeries A
- Average cheque
- $0–$100K$100K–$500K$500K–$1M$1M–$3M
- Based in
- Miami, United States
- Invests in
- Southeast Asia, USA
23 investments in total, 3 tagged Sports & Fitness.Open the full fund profile
Investments by industry
- Software & Apps17%
- E-commerce & Retail14%
- Transportation & Mobility5%
- Sports & Fitness5%
- Rounds
- Pre-seedSeedSeries A
- Average cheque
- $500K–$1M$1M–$3M$3M–$10M
- Based in
- Canada
194 investments in total, 3 tagged Sports & Fitness.Open the full fund profile
From our investor database.
What do investors worry about in sportswear?
We asked 56 VCs why they turn founders down for our Fundraising 2025 study. Revenue growth, unit economics, burn and missed milestones led, then defensibility and crowded categories. In sportswear, a crowded category, they turn into four tough checks.
Shelf space with the giants
Nike's sales through retailers rose 6% in fiscal 2026. A challenger now fights Nike for the same shelves.
What investors ask
- Which retailers reorder from you, and how fast does your stock sell through?
What your deck shows
- Sell-through and reorders by retail partner
- Sales split across retail, online and own stores
Marketing you can't outspend
Nike spent $4.75B on demand creation in fiscal 2026. A young brand has to win runners and climbers on a sliver of that.
What investors ask
- How do you win customers without a giant's ad budget?
What your deck shows
- Cost to win a customer, by channel, and its payback
- Clubs, athletes or communities that bring buyers cheaply
Factories and tariffs
Factories in Vietnam make about 52% of Nike's footwear. In February 2026 the US Supreme Court struck down tariffs set under emergency powers.
What investors ask
- What does each unit cost you landed, and what if duties change?
What your deck shows
- Unit cost and margin for each factory country
- Backup production you can switch to quickly
When the buzz fades
Allbirds sold its footwear business for $40.7M in cash in June 2026. Its last annual report had raised doubt that it could keep going.
What investors ask
- Will people keep paying full price once the launch buzz is gone?
What your deck shows
- Repeat purchases by customer cohort
- Full-price share of sales, season by season
How we help you raise
Flat fees agreed before we start. No success fee on advisory work.
Your brand, sell-through and margins in one clear story.
Seasonal buys, stock and cash needs, by channel.
A range you can defend against listed peers.
Sports VCs, growth funds, strategic buyers and stock lenders.
Factory, retailer and stock records, ready for checks.
For a sale to a bigger brand group or a buyout fund.
Our public cases nearest to sportswear: raises for consumer brands in beauty and drinks.
Who we are
Waveup is a London-based fundraising and growth advisory, working in 60+ countries and 90+ industries. Since 2014 we have built the decks, models, CIMs and valuations behind $3B+ raised for 600+ startups.
About usSportswear brand funding FAQ
How do sportswear brands get funding?
Who invests in sportswear brands?
How big is the sportswear industry in 2026?
Which sportswear brands are growing fastest?
What do investors look for in a sportswear brand?
How much does help with a sportswear raise cost?
Raising for a sportswear brand?
Send us your sales by channel and your target round. We'll tell you where investors are likely to push back.
