Equity crowdfunding on the rise

19/09/2019 - 15:30

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Interest in equity crowdfunding is growing locally, after Rhinohide reached its investment goal and fellow Perth-based business Tiller Rides announced more than 300 investors have expressed interest in supporting its capital raising.

Equity crowdfunding on the rise
Marc Berryman says he is thrilled to have reached his funding goal.

Interest in equity crowdfunding is growing locally, after Rhinohide reached its investment goal and fellow Perth-based business Tiller Rides announced more than 300 investors have expressed interest in supporting its capital raising.

Rhinohide today said it met its target to raise up to $500,000 via equity crowdfunding platform Equitise in order to launch its 4x4 protective armour product range in the US.

Three days before the offer was meant to close, Rhinohide secured an investment of $285,000 from a sophisticated investor in Western Australia via the platform.

Perth Angels previously invested $150,000 in the business and the ‘sharks’ from Network Ten’s program Shark Tank contributed additional investments totalling $160,000 prior to the Equitise raise.

Rhinohide founder Marc Berryman said he was thrilled to have reached his funding goal as the company ramped-up global activity.

“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.

The Rhinohide announcement comes just a day after Tiller Rides told Business News it was closing in on its goal to raise up to $3 million on crowding platform Birchal.

Tiller will use the funds to roll out its roadster e-bike product.

A range of rewards is being offered as an incentive for investment, including discounts on the bikes and even a bonus bike at a certain investment level.

Business News understands Tiller has received 329 responses in the first three weeks of opening its expressions of interest, which equates to expected investment of between $681,000 and $1.48 million.

The company said this figure was rising by around $100,000 every three days, and the investment window will open in late September.

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