Slinger announced the completion of a private placement offering. Participating investors in this funding round included small cap-focused investment funds and high-net-worth individual investors.
Slinger recently announced its FY 2020 financial results, with gross sales of $11.2 million on approximately 20,000 Slinger Bag units sold in its first year of commercial sales. The company’s flagship product is the Slinger Bag, a portable tennis ball launcher.
This financing enables Slinger to further product development and technologies. In addition to the Slinger app, Slinger has plans to release two ball launchers in 2021, enter into new sports verticals and deepen its penetration in the global tennis market.
“I am delighted to share this important milestone with our shareholders, as this round of financing comes at a key time for Slinger,” said Slinger CEO Mike Ballardie. “We have aggressive growth plans and have successfully identified capital partners that are aligned with our vision. This financing strengthens our balance sheet while minimizing dilution and provides us with the ability to execute quickly with our strategic plans. Additionally, these funds provide us with support for our planned uplisting, furthering our ability to build value for our shareholders. The oversubscription of our raise is a testament to the belief our investors have in the long-term vision and capabilities of the Slinger team.”
Spartan Capital Securities, LLC acted as lead placement agent for the offering. Revere Securities LLC served as co-placement agent.
Photo courtesy Slinger Bag