From Shark Tank to crowdfunding: 4×4 body armour startup Rhinohide’s ride
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Rhinohide, a start-up that makes body armour for four-wheel drives, is seeking half a million via crowdfunding, after a successful turn on hit reality TV show Shark Tank.
The company’s patented 4WD body armour is the first product of its kind, with quick and easy installation and removal by customers without the need for any specialist skills.
The customisable panels offer the vehicle protection, and gives end users unique aesthetics which are completely removable and interchangeable.
Founder Marc Berryman appeared on Shark Tank back in 2016; two of the sharks, Andrew Banks and Glen Richards, founder and CEO of vet chain Greencross, invested $80,000 each for a 10 per cent stake in the business.
The start-up has since matured, generating $750,000 in revenue from its initial soft launch in the Australian market in January 2016.
In the last six months, Rhinohide has taken its prototype concept into full production and expanded its range to 12 vehicle lines, covering about two-fifths of the Australian market.
It is now seeking up to $500,000 via crowdfunding platform Equitise, having already surpassed its minimum funding goal of $100,000.
Berryman says the next 12 months will see the company scale globally.
“We are picking up major momentum as we scale at pace and break into new markets such as the USA and Asia and the Middle East,” he said.
“Not bad for a start-up from Perth that cut its teeth impressing not one but two Sharks.
“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.
“A profitable business and the industry leader in the sector, we’re confident that Rhinohide will become a household name within the 4×4 community in all markets by 2021.”
Co-founder of Equitise, Chris Gilbert, has followed Rhinohide since their TV days.
“It’s not only a great business backed by great investors, but it’s a unique product, offering a much needed solution for 4×4 enthusiasts,” he said.
“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.”