British women’s shirt brand With Nothing Underneath (WNU) has secured £2.5 million in its first funding round – led by Bella Freud, Ro&Zo, Me+Em, and Tala investor Pembroke VCT, along with JamJar Investments.
The capital raised will fuel the expansion of its UK retail presence, grow its team, and support the company’s international growth in the US and Europe – specifically in the DACH region (Germany, Austria and Switzerland), tapping into international demand for British heritage styling.
Founded in 2017 by former Tatler Editor and Vogue stylist Pip Durell, the original vision was to create the perfect high quality shirt by combining the precision of traditional men’s tailoring with a fit specifically crafted for women.
WNU has already generated an international customer base and received “organic endorsements” from the likes Cara Delevingne, Florence Pugh and Dolly Alderton. It has also collaborated with brands including Free People, and has a limited-edition partnership with the Financial Times.
Over the last three years, the business has maintained profitability and achieved triple-figure growth of 130% in 2023.
WNU opened its first store at 47 Elizabeth Street in London’s Belgravia in 2022, and now plans to use part of the funds raised to further grow its bricks-and-mortar footprint in the UK.
Pip Durell said: “We are thrilled to close our first fundraise, securing two experienced and knowledgeable partners to help us to take WNU to the next phase of growth.
“We have built WNU on the core tenants of great product, customer first sensibilities and staying true to our brand values, and we look forward to continuing our journey with added financial support and broader retail knowledge with great partners who respect and share our vision.”
Pembroke VCT will act not only as an investor but also as a strategic partner to support Durell and her team in the next phase of growth.
Alicia Taylor, Investment Manager at Pembroke VCT, said: “Pip and the team have built a truly differentiated brand, supported by an incredibly loyal customer base and strong fundamentals.
“We believe that WNU’s commitment to timeless style and sustainable, high quality wardrobe essentials meets the needs of today’s modern consumer, with a focus on versatility of wear and well crafted items that transcend seasons. We are delighted to be supporting the company in their next phase of growth.”
Emily Bullman, Investor at JamJar Investments, added: “We’re obsessed with this cult classic and its proudly British roots. WNU hits the sweet spot for modern consumers hunting down high quality, affordable essentials.
“Pip and her team have their finger on every pulse, steering the brand with laser sharp vision. By blending timeless design with British heritage nostalgia, WNU doesn’t just resonate – it sticks with every generation, building loyalty that lasts longer than your favourite shirt.”
The investment will also be used to make key hires, strengthening the senior leadership team and further developing new product lines, following the successful recent launch of trousers in September.
