West Australian 4×4 protective armour business Rhinohide has announced it has reached 100 per cent of its funding target, securing $500,000 from the “crowd” on Equitise.
A Shark Tank success story, Rhinohide was one the first early stage ventures to secure investment from not one but two investors in Glen Richards and Andrew Banks who have since re-invested in the startup.
Three days before the offer was meant to close, Rhinohide secured an investment of $285,000 from a sophisticated investor in Western Australia. After that a series of smaller investments followed quickly from the Equitise crowd as they tried to invest before the maximum was hit.
The successful raise comes as Rhinohide launches in the United States, a market 25 times larger (by vehicle sales) than Australia, it also comes alongside a confirmation of a patent to produce and manufacture in China.
Rhinohide protective plates are easily installed and removed by the end user on 4×4 vehicles, offering scratch protection for off road driving. The first product of its kind, Rhinohide is an affordable and more effective solution for four wheel drivers than what’s currently in the market and has captured the attention of high profile investors since its launch.
What does this funding mean for Rhinohide?
Founder of Rhinohide, Marc Berryman is thrilled to have reached his funding goal as he ramps up global activity for the business.
“I’m honoured that the crowd and sophisticated investors have shown confidence in Rhinohide. We have an extremely busy 12-months ahead with Rhinohide entering into new overseas markets, and we’re thrilled to take our new investors on that journey with us,” he said.
“Reaching the funding minimum further adds to the momentum building around Rhinohide, we’re the first product of our kind which is what first attracted early stage investors and that same excitement is evident today,” says Berryman.
Co-Founder of Equitise, Chris Gilbert is thrilled to see the WA startup do so well on the Equitise platform.
“Rhinohide is a terrific business with a unique offering and strong global positioning. We are ecstatic with the results and congratulate Marc and his team on reaching 100 per cent of his funding goal,” he said.
“Just 20 months in, Equity Crowdfunding is still in its infancy and continues to pick up momentum, seeing offers such as Rhinohide close successfully reaching 100 per cent of its funding goal is not only a huge achievement for the individual company but for Equity Crowdfunding as a whole,” says Gilbert.
Rhinohide’s first shipment of body armour has already arrived in America with the pre-orders going straight out the door for the Jeep Wrangler – an extremely popular choice for US overlanders. The US 4×4 market presents significant growth opportunities with pick-up trucks and SUVs now accounting for two-thirds of the US market. Rhinohide have also received strong indications of international demand through various trade shows across Asia, and the Middle East, including Automechanika Dubai and Aeroklas’s internal supply chain conference in Thailand.
The Rhinohide brand is protected by patents, trademarks and registered designs in multiple regions and has a full patent granted in Australia, with patents pending in the US, China, Europe, Canada and New Zealand.