Rhinohide Case Study

Tranche 1

Minimum Funding Target: $100,000

Maximum Funding Target: $500,000

Campaign Duration: 104 days (26 July – 17 Sep)

Total Raised: $499,750

Average Investment: $2745.88

Total Investors: 182

Tranche 2

Minimum Funding Target: $0

Maximum Funding Target: $250,000

Campaign Duration: 7 days

Total Raised: $160,000 

Average Investment: $1,250

Total Investors: 128

Rhinohide is a patented car body protection system born and bred in Perth, Australia. It’s an easy to install and use form of body armour for 4x4s that keeps paintwork pristine in the harshest of environments.

The technology has been extensively researched and designed to maximise effectiveness and ease of use, including rare neodymium magnets that make it easy to securely attach the panels to your vehicle. Since its first prototype, Rhinohide has expanded the range to include 12 vehicle variants covering 50% of the off-road vehicle market.

Rhinohide drove onto the scene after a successful pitch to the Shark Tank, with both Glen Richards and Andrew Banks investing. Glen remains on the board as a Non-Executive Director and Andrew remains as an Advisor. Rhinohide had already generated revenue of $128,000 in FY2019 and was launching in the US before expanding further.

Rhinohide successfully raised $665k from its investor network in 2018 to launch the business in the US and develop a product range compatible with the Jeep Wrangler. With a pick-up truck and SUV market 25x larger than Australia’s, Rhinohide decided to harness the power of the crowd to assist in this US expansion. The team also has their sights set on the Asia Pacific region, with key patents in the works and heavy interest from a range of countries.

We chose to partner with Rhinohide because it was offering a superior solution to a real issue in a growing market. The body armour is IP-protected and offers better protection for the car's paintwork compared to competitors. It's also very easy to install and remove by the end user. In addition there was also major growth potential with the overseas launch (particularly the US) and with limited marketing, the company had already earned over $750K in just over a year.

Rhinohide easily surpassed their minimum funding target and closed early as they hit their max, raising $499,750 total. But the crowd wanted more, and Rhinohide listened, opening up a second Tranche II offering of up to $250,000 for just one week. This successfully raised an additional $160,000 that will go towards Rhinohide’s global expansion plans.

With a strong community already established, the joint marketing campaign with Equitise generated mass interest in the company. The campaign was featured in numerous publications including: The Australia, Anthill, Stock Head. Rhinohide also launched a digital agency which ran a large scale campaign driving not only awareness for the campaign but the brand in general.

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