OnCore Golf, preparing for the national launch of its patented hollow metal core golf ball, has closed on the first tranche of funding through a revenue-sharing credit facility led by Angel Capital Group.
Angel Capital Group is a national network of accredited investors focused on investing in companies that it believes are poised for major revenue growth. Their portfolio of investments includes sixteen notable early-stage companies such as Matchpoint Careers, Facebook, Open Amplify, and TrakLok among others.
Rachael Qualls, founder and CEO of Angel Capital Group, said “We are very excited to be offering the OnCore investment to our network of angel investors. OnCore offers the combination of quality management, intellectual property, and market opportunity that we look for in our investments. We're excited about being the catalyst for an innovative technology in a market that is ripe for disruption.”
OnCore Golf has beta tested its exciting golf ball technology at several PGA Tour events including the BMW Charity ProAm in Greensboro, NC in May and the Justin Timberlake Shriners Open this past October in Las Vegas, NV. The company is targeting mid to high handicap golfers looking to shave a few strokes off their game and have more fun in the process. By shifting the weight to the perimeter of the ball and increasing the moment of inertia, the OnCore ball achieves straighter drives and more reliable putting.
The financing will allow the company to expand nationally in the US in addition to reaching strategic overseas markets in Asia and Europe. The upcoming national launch at the 2013 PGA Merchandise Show in Orlando, Florida will mark the official debut of the golf ball and will provide distributors, pro-shops and attendees interested in ordering the product an opportunity to try the product, meet the team, and learn more about OnCore's unique approach to the market. Several of the company's advisors, including Michael Hebron, Master PGA Professional, and Jeffrey Herold, CEO of Club Glove, will be in attendance.
The company will offer its product online through its website in addition to making the ball available in major retail outlets and pro-shops around the country shortly following the show.
“Closing on this initial financing with Angel Capital Group is an important milestone in the company's history and it will allow for a broader adoption of the product. We love to see our customers enjoying the game of golf and outplaying their friends in the process!” said Bret Blakely, President of OnCore Golf.
OnCore's first product is the world's only hollow-metal core golf ball, designed to be straighter off the tee and on the green by employing a novel core design that increases perimeter weighting. OnCore's advisors and supporters include sport's icons such as Major League Baseball's Roberto Clemente Jr., NBA Hall of Famer Rick Barry, former USGA Technical Director Frank Thomas, along with Club Glove founder and golf industry leader, Jeff Herold and PGA Master Instructor Michael Hebron.
