High-tech sailing apparel company Zhik is launching its first crowdfunding campaign as it looks to raise $4 million to fast-track its global expansion plans.
For the campaign, the Sydney-based company has partnered with crowdfunding platform Equitise and is backed by Zhik’s existing investors, ncluding high-profile members of the sailing community and long-time backer Nightingale Partners.
Zhik was created in the Sydney garage of Brian Connolly the founder of Lake Technology which was bought by Dolby and turned into Dolby Australia in 2004. Connolly had just taken up sailing and found everything about the gear involved presented an opportunity for improvement. He began creating clothing and equipment specially designed to address the problem of uncomfortable harnesses by adding Velcro entry systems and a breathable waterproof fabric that was four times more waterproof and durable than those found in the market.
For the company’s crowdfunding efforts, its CEO, sailing champion and multiple Olympic gold medalist Mat Belcher OAM, is at the helm. Belcher has had a long association with the company – first testing gear with the company in 2004 and joining the Board after the Tokyo Olympic Games in 2021.
Belcher shares that the crowdfunding campaign kicks off an exciting new chapter for Zhik.
“Our investment plan is centred around continuing to drive our digital capabilities and working closely with our extensive trade partners to expand into new territories and grow market share,” he said. “We also want to continue investing in developing more sustainable technical and lifestyle products, whilst expanding our range for the broader sailing, boating and watersports markets.”
Zhik also has a network of trade partners and distributors across 49 countries with warehouses in Australia, the UK, Netherlands and the US. It kits out the top-ranked sailors in the world including America’s Cup winners, Sail GP and Olympicteams and was official supplier to the Australian Olympic team in Tokyo and supported more than 100 elite athletes representing 23 nations who have won 58 Olympic medals and more than 100 World Championships combined.
The company also has had a remarkable growth, having grown 40 per cent during the last financial year and 70 per cent the year before. It is currently valued at $28.5 million.
This story was originally published on Inside Small Business.
