New success for TV’s ‘sharks’

Everyday investors are being invited to join Shark Tank stars in backing a new West Australian business.

Serial entrepreneur and investor of Shark Tank fame, Glen Richards.

Shark Tank success story Rhinohide has hit its equity crowd-funding minimum, with the West Australian 4x4 body armour business raising $130,000 on crowdfunding platform Equitise.

The start-up, backed by 'sharks' Glen Richards and Andrew Banks who still advise the business, is now bringing everyday investors on board as it looks to further push into the US market.

Rhinohide makes vehicle protective plates for four wheel drives, and the company founders say their product is continuing to capture the attention of high profile investors.

Green Cross and Petbarn founder Glen Richards sits on Rhinohide's board as a non-executive director and the Shark Tank star has reinvested in the start-up.

Mr Richards is continuing to invest in start-ups despite Shark Tank finishing up in August 2018.

“The Richards Group invested as we consider Rhinohide an innovative company with an exciting, relevant product that deeply understands the target market, which is four wheel drivers,” Mr Richards said.

The company's founder Marc Berryman said he'd been fortunate to be able to rely on solid investment from experienced investors.

"There is major momentum behind Rhinohide at the moment as we break into new markets such as the USA and Asia and the Middle East,” he said.

“We’re the first product of our kind which is what first attracted early stage investors and since then we’ve managed to secure a marketplace for our product which is profitable.

"I’m excited to be diversifying my capital structure for the business and offering the “crowd” the chance to join the Rhinohide business ahead of a major ramp up and scale up of our offering."

He added the US 4x4 market is 25 times larger than the Australian market and presents significant growth opportunities with pick-up trucks and SUVs now accounting for two-thirds of the US market.