Troubadour raises £3m led by Harlo Equity Partners with support from Pembroke VCT
This article covers Troubadour, an ecommerce startup, which has raised £3m in a growth funding round to accelerate product development and expand in North America and Europe. The funding will support growth marketing, a dedicated corporate and wholesale sales team and new product ranges to scale the startup's direct-to-consumer and corporate channels internationally.
Troubadour, an ecommerce startup that designs backpacks and luggage for professionals who work and travel, has raised £3.2 million in a growth funding round to accelerate product development and expand in North America and Europe. The round will fund growth marketing, a dedicated corporate and wholesale sales team, and new product ranges.
Why it matters
Troubadour’s raise matters because it comes after sustained commercial traction across multiple channels. The company reported revenue of £8.4 million in 2025 following roughly 15x growth over five years, with more than 70% of direct-to-consumer revenue now coming from the United States. Its corporate business — which supplies branded bags to clients such as Nvidia, OpenAI and J.P. Morgan — grew 141% last year to above £800,000, showing demand beyond individual buyers. For UK consumer brands, that mix of wholesale, corporate and DTC success is a credible route to scale internationally.
Inside the product
Troubadour’s Apex backpack is central to the brand’s reputation; it has been named New York Times Wirecutter’s best laptop backpack five years running. The company is a certified B Corp, uses largely recycled materials and offers a five-year warranty. Distribution spans direct-to-consumer sales, Amazon, wholesale partners such as Harrods, Nordstrom, Bloomingdale’s and Equinox, plus an owned retail store. The new funding will support a women’s collection and a full luggage range currently in development.
Who are the investors?
Troubadour raised £3.2 million with a mix of returning and new institutional backers. Pembroke VCT, Troubadour’s first institutional investor in 2013, made a follow-on commitment of £1 million. Harlo Equity Partners led the round, and Bayes Entrepreneurship Fund and Norrice Finance joined as new investors. Novalta Partners acted as fundraising adviser to Troubadour.
In the announcement, Alicia Taylor, Investment Director at Pembroke Investment Managers, said:
We are delighted to continue supporting Troubadour. Since backing Samuel and Abel as the company’s first institutional investor in 2013, we have watched them transform the business from a start-up into a leading global brand in premium work and travel bags, with a loyal customer base and blue-chip corporate clients. We are pleased to welcome Harlo as lead investor alongside a strong group of co-investors and look forward to the next phase of growth.
In the announcement, Justin Shulman, General Partner at Harlo Equity Partners, said:
Troubadour has done what many consumer brands struggle to do: build genuine brand loyalty while growing across several channels at once. Its corporate and wholesale traction shows the brand travels well beyond its direct-to-consumer base, and we see significant opportunity ahead in North America and Europe. We’re delighted to lead this round and to partner with Samuel, Abel and the team.
In the announcement, Helen Reynolds, Managing Director and Investment Director at Bayes Entrepreneurship Fund, said:
Troubadour is exactly the kind of founder-led business we want to support: a disciplined team, a distinctive product and a clear route to further growth. We’re excited to back the next stage of Troubadour’s journey.
In the announcement, Adam Taylor, Chief Investment Officer at Norrice Finance, said:
Troubadour makes some of the best-designed bags we’ve come across, and Samuel and Abel have built a team to match. We’re delighted to invest alongside Pembroke, Harlo and Bayes, and to support the business as it scales further.
If you're researching potential backers in this space:
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Founder perspective
Abel Samet and Samuel Bail founded Troubadour in 2011 after careers in finance, including time at Lazard. They began by sourcing materials directly from tanneries and trim makers across Italy, Spain, France and England. Bail now leads the business as CEO.
In the announcement, Samuel Bail, Co-founder & CEO at Troubadour, said:
When Abel and I started Troubadour, we set out to make the bag we couldn’t find: beautifully made, comfortable, lightweight, and designed for the way people actually work and travel. Fifteen years on, we’re still obsessive about getting that right, and more people find us every year. This investment lets us put more into our products and bring Troubadour to many more customers in North America and Europe. We're grateful to Pembroke, Harlo, Bayes, Norrice and our other investors for their support, and to Jonathan Friedman at Novalta Partners for his advice throughout the process.
The bigger picture
Troubadour’s round underscores investor appetite for founder-led consumer businesses that combine product excellence with diversified revenue streams. The brand’s mix of wholesale, corporate partnerships and DTC growth reduces reliance on any single channel and makes international expansion more attainable. For ecommerce investors, the case is increasingly about predictable unit economics and repeat buyers rather than bold customer-acquisition-only plays.
This deal also highlights how UK consumer brands can leverage established retail relationships and corporate contracts to scale overseas. As Troubadour pushes further into North America and Europe, its progress will be one to watch for other UK product-led startups seeking cross-border growth.
They've invested in Troubadour
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