Vice Golf
“Can a digitally native, DTC golf brand sustain premium margins and brand equity while expanding into physical retail distribution at scale?”
Founded2012
HQMunich, Germany
FoundersIngo Düllmann, Rainer Stöckl
Total raisedundisclosed (Oakley Capital Origin Fund ~£11M OCI share, 2022)
Latest roundGrowth equity, May 2022
IndustryE-commerce / DTC brand
The story
Founded in 2012 as a digitally native, direct-to-consumer golf ball brand disrupting premium incumbents on price, Vice Golf built a >40% CAGR between FY18–FY21 at ~20% EBITDA margins. The brand partnered with Oakley Capital in 2022 for the next growth phase. By 2025, Vice Golf broke from its pure-DTC roots and entered physical retail through PGA TOUR Superstores and other select partners, signalling a channel diversification strategy as the brand matures.
Product timeline
2012
Founded in Munich by Ingo Düllmann and Rainer Stöckl as a direct-to-consumer premium golf ball brand.· pivot
2022
Received growth equity investment from Oakley Capital Origin Fund and Apera Asset Management to accelerate international expansion.· acquisition
2025
Expanded distribution into physical retail, appearing in PGA TOUR Superstores and other retail partners — a significant pivot from pure DTC.· pivot
The stack
1 layer disclosed in Vice Golf’s embedded-finance stack
Lending
Accounting gap: none