SlingFin, a manufacturer of backcountry and expedition tents, announced its partnership with Wefunder as it seeks investors for the next phase of growth. Wefunder, a new investment platform, helped write and pass through congress Title III of the JOBS Act, which will become law on May 16, 2016. The new law will allow for non-accredited individuals (those whose net-worth is less that $1M) to invest, as little as $100, in start-up businesses. Wefunder, via the new Title III of the JOBS Act, is looking to democratize investing, says the organization.
To celebrate the new JOBS act, Wefunder is featuring 20 of the “coolest small companies” in the country, one of which is SlingFin, an outdoor equipment company based in Berkeley, Calif. SlingFin and 19 other companies will be highlighted on Wefunder.com and throughout Wefunder’s marketing initiatives including a video. Each of the 20 startups is looking to raise up to $1M from loyal fans and everyday Americans.
Founded in Berkeley, California in 2010 by outdoor industry veterans from several top brands, SlingFin has partnered with Wefunder as its investment platform to raise the $1M needed for their next phase of growth. Wefunder, a startup itself, has already raised $16M for young companies from accredited investors. In the process, they recognized that the roadblock to innovation and progress in many industries was that employees and customers of average wealth did not qualify as accredited investors so they were not able to invest in and support the startups in which they truly believed.
The Wefunder team worked with Congress to pass Title III of the JOBS Act, signed in 2012. Starting May 16, the new law’s provisions will allow start-up companies to “crowdfund” up to $1 million. Think Kickstarter, but instead of receiving a t-shirt, investors can actually own equity for as little as $100.
“We’re excited about the opportunity share our success with our users and customers who wholeheartedly back what we’re doing,” says Martin Zemitis, Slingfin CEO and designer. “Democratizing investing is what our country needs to spawn innovation and increase collective social good by leveling the playing field so that everyday Americans can invest in projects they believe in.”
Funds raised in the SlingFin Wefunder campaign will be used to boost SlingFin’s factory order sizes and take advantage of volume pricing. This inventory increase will allow the brand to expand their dealer network and solve the repeated challenge of running out of inventory and losing out on sales, said the company. In addition, the brand plans to grow marketing efforts beyond customer word-of-mouth and add a patented hard-shell backpack design to their product offerings.
“SlingFin is in the position that they have enough orders for their tents, but they need financing so that they can afford to stock the tents that they have designed. Now, instead of bankers, the people who actually want to use the tents can invest in SlingFin,” says Paul Kramer, a 30-year veteran of the Outdoor Industry, founder of Mountain Hardwear and current investor in SlingFin.
“If you share our vision and you’d like to get in on building an outdoor brand from the ground up, then join us!” invites Zemitis. “Thanks to Wefunder and the JOBS Act, anyone can be a part of our journey to change the way people experience Earth’s wildest places.”
