Wefunder, a crowdfunding site helping a handful of outdoor gear companies raise capital under a federal law that took effect this spring, will be scouting clients at Outdoor Retailer in Salt Lake City next week, according to SlingFin, a tent maker that has raised $50,000 on the site.
SlingFin said it fulfilled its initial $50,000 fundraising goals on Wefunder this month and is now working toward its second goal of $100,000 thanks to Title III of the JOBS Act. The legislation, which became effective May 16, allows non-accredited individuals, or those whose net-worth is less than $1 million, to invest as little as $100 in start up businesses. It was one of several measures Congress approved to expand small businesses’ access to capital.
“Until now, there has not been a way for the average person in the industry to invest in the brands and technologies with recognized potential,” said Kenji Haroutunian, a SlingFin Investor and 30-year outdoor industry veteran who used to manage Outdoor Retailer. “Democratizing investing is what our industry needs to spawn innovation and level the playing field so that stakeholders at every level can invest in projects they believe in.”
Next week, Wefunder plans to send representatives to Outdoor Retailer to scout business and show support for outdoor companies using their services, including MyTrail and SlingFin, which will be exhibiting its tents.
“We’d like to share our success with our friends in our industry who have spent their careers enhancing outdoor recreation,” says Martin Zemitis, Slingfin CEO and Lead Equipment Designer. “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.
SlingFin has told those who invested in its Wefunder campaign that it will used their money to boost factory order sizes and take advantage of volume pricing. The increase in volume will allow the brand to expand their dealer network and solve the repeated challenge of running out of inventory and losing out on sales. In addition, the brand plans to grow marketing efforts and increase their product offerings.
At Outdoor Retailer, SlingFin will be located in Tent City Space #14. Tent City is just outside of Abravanel Hall (corner of S Temple and W Temple).
