What is Rhinohide?
Rhinohide is a patented car body protection system that is easily installed and removed by the user. Made with rare earth neodymium magnets, the Rhinohide panels can be attached to the exterior of four-wheel drives in minutes, forming a tough armour between the outback and the car’s paintwork.
The Story So Far…
Rhinohide caught the public’s attention after a successful appearance on Channel 10’s Shark Tank. After delivering an impressive pitch, Rhinohide Founder and CEO Marc Berryman secured investment from not one, but two of the Sharks; Glen Richards (Greencross and Pet Barn Founder) and Andrew Banks (Co-Founder of recruiting giant Morgan and Banks). Dr. Glen Richards is on Rhinohide’s board as a Non-Executive Director while Andrew Banks remains an Advisor.
Since the first prototype was produced in late 2015, Rhinohide has expanded the range to include 12 vehicle variants servicing almost 50% of the current serious off-road vehicles sold in Australia. This market has proved a good test for Rhinohide. Now, with several design iterations overcoming real world challenges experienced in this market, Rhinohide has already generated a revenue of $128,000 in FY2019 and is ready to distribute globally.
As at December 2018 Rhinohide has raised $665K from existing investors and high net worth individuals in order to launch the business in the US and undertake R&D for a new product range compatible with the Jeep Wrangler (a hugely popular 4x4 in America). This product is set to launch and already has pre-sale interest.
The US Market and Beyond
The primary reason for the capital raise is to continue to expand into the US market which is the largest opportunity for Rhinohide. In December 2018, America’s top selling pick-up truck had sold 909,330 units versus Australia’s 51,705 units – more than 17 times the sales volume. However, the figure is even greater when considering the US’s overall lean towards large pick-up trucks and SUV’s which take up two-thirds of the market and out sell the Australian market by 25. In addition, light-duty truck sales are on the rise – increasing by 16.3% in just one year.
Expansion doesn’t stop at the US. Rhinohide has worked closely with Aeroklas Thailand to gain exposure in the Asia Pacific region and are currently in discussions with Ravon International and Tuff Gear Trading who both expressed interest in representing the brand in the Middle East.
What is equity crowdfunding?
Equity crowdfunding became accessible to all Australian's over the age of 18 in January 2018. It's a new way to invest that enables broad groups of investors (‘the crowd’) to fund early stage companies in return for equity. It helps these companies access the capital they require and gives investors a chance to invest in businesses they are passionate about. Retail investors can invest up to $10,000. Sophisticated investors are unlimited in their investment.
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