The SkunkWorks Surf Company successfully raised £350,000

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106%

Raised: £371,640

Investors: 396

Target: £350,000

Equity: 11.02%

Pre-money valuation: £3,000,000

SkunkWorks Surf Co have developed a patent-pending heat-bonding technology to solve one of the biggest problems in the $7.4bn surfing industry. Founders (and brothers) Ricky and Chris Martin have assembled a team of 14, opened a 16,000sq ft factory and are aiming to revolutionise the surf industry.

Innovative, Award-winning Engineering company with 4 patents pending
Exported to 8 European countries in 2017
Production capacity projected to 4060 boards in 2018 (516% increase)
Experienced Board with Manufacturing and Marine Leisure expertise.

Idea

SkunkWorks Surf Co aim to create the most robust surfboards and stand-up-paddleboards globally whilst minimizing our impact on the environment.

The biggest surf school expense is the annual replacement of boards due to the poor quality of products in the marketplace. Failure occurs from the use of glue and poor quality materials. Glue hates everything about surfing from sun to sand & saltwater.

Removal of adhesives and the introduction of new materials differentiates SkunkWorks from its competitors. In addition SkunkWorks believe they manufacture the most environmentally friendly soft surfboard on the market and have a goal to be 'waste free' by 2020.

The global market for surfing was estimated at US$7.4bn in 2017 and is projected to reach US$9.5bn by 2022 (compounded annual growth rate 4.1%). In our experience the 'soft surfboard' market is one of the fastest growing segments and SkunkWorks is at the centre of its revolution, highlighted in over 50 media articles.

3 years R&D and an initial investment saw the company move to their new factory, set-up & refine production, train a team and export boards throughout Europe. 2018 will see continued expansion into the European market, expansion of the product range and the tripling of our production rate.

Disclosure: The company has director's loan.

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Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

The SkunkWorks Surf Company has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.

Idea

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