Rhinohide is seeking to raise up to $500,000 via equity crowdfunding platform Equitise, after raising $791,000 from private investors earlier this year, as the vehicle protection panel business looks to launch in the US.
Rhinohide is seeking to raise up to $500,000 via equity crowdfunding platform Equitise, after raising $791,000 from private investors earlier this year, as the vehicle protection panel business looks to launch in the US.
It has currently raised around $72,000 on the platform as of publication, just over a day after the campaign was launched.
Rhinohide produces a series of temporary, but reusable, paintwork protection panels that magnetically attach to the exterior of a 4X4 vehicle, preventing scratches or chips when driving off-road.
Perth Angels have invested $150,000 in the business and the ‘sharks’ from Network Ten’s program Shark Tank contributed additional investments totalling $160,000.
Rhinohide has generated over $750,000 in revenue from its initial soft launch in the Australian market in January 2016.
In the past six months, Rhinohide has taken its prototype concept into full production and expanded its range to 12 vehicle lines in Australia, covering 41 per cent of the Australian market.
Rhinohide’s equity crowdfunding campaign follows the close of a round of private funding in February 2019, in which it raised $791,000 from existing and new sophisticated investors.
Rhinohide founder Marc Berryman said the company had experienced rapid success and growth, and would grow to a global scale during the next 12 months.
“We carved out a great position within the marketplace having a product which is not only easier to install than our competitors but also protects your car better,” he said.
“A profitable business and the industry leader in the sector we’re confident that Rhinohide will become a household name within the 4x4 community in all markets by 2021.”
Mr Berryman said the US 4x4 market was 25 times larger than the Australian market and presented significant growth opportunities with pick-up trucks and SUVs now accounting for two-thirds of the US market.
Rhinohide dipped its toe in the US market with a product demo in late 2018 at the world’s largest Automotive Aftermarket Accessories Show, SEMA, held annually in Las Vegas, Nevada.
Off the back of SEMA, the company started issuing its body armour to influencers in the market and will launch a campaign for the Jeep JK Wrangler in the US next month.
Equitise co-founder Chris Gilbert said he has been watching Rhinohide since its early days on Shark Tank.
“Through Equity Crowdfunding, everyday investors have the opportunity to invest alongside the sharks joining the company in its next stage of growth and investing in something they are passionate about,” he said.
Fellow Perth-based start-up Urbotanica is also about to conduct a campaign on Equitise to raise an undisclosed amount.
Urbotanica has products, such as the UrbiPod, which allow consumers to grow fresh produce in an indoor, urban environment.
