Crua Outdoors

Idea

Introduction

Thermo Tents Limited (Trading as Crua Outdoors and Crua Industrial) designs and develops thermally, acoustically and light insulating tents as well as fabric structures. We incorporate cutting edge material technology into our unique designs to solve a real problem. Tents can be very comfortable.

With Crua, a camping trip provides a restful night’s sleep, creating an enhanced outdoors experience. Our 20,000+ customers in 100+ countries prove that comfort is important to campers.

Revenues more than doubled in 2020, and we've already seen our website revenues nearly triple in Jan 2021 - when compared to the same period in 2020*.

And that’s exactly why Crua's unique design is disrupting traditional tent buying.

'Live Tough. Sleep Easy.'

In Q1 2021 we will launch a ground-breaking insulated and modular glamping 'Loj' Four Season Tent (pronounced Lodge). The glamping industry in the USA is forecast to grow at a Compound Annual Growth Rate of 15% between now and 2024. Our timing is absolutely perfect for that market.

We’ve also developed what we believe to be the worlds first: an insulated and blast-resistant fabric structure for the exploration and production industry.

Substantial accomplishments to date

Potential recognised:

✓ Enterprise Ireland High Potential Start-Up.

✓ Voted among 100 Hot Start-Ups by Sunday Business Post.

✓ Eleven successful crowdfunding campaigns, including six successful product launches.

Opportunities seized:

✓ Crua industrial born in March 2018.

✓ Crua Rentals launched in 2020.

✓ 3 product launches completed in 2020, 3 more scheduled for 2021.

✓ eCommerce boosted by developing bespoke Augmented Reality technology.

Product validated:

✓ Superb service ratings.

✓ 'Excellent' rating on Trust Pilot.

✓ Member of the American Petroleum Institute committee, responsible for Blast Tent design.

✓ Products tested and approved by the Federal Bureau of Investigation in the USA.

Markets proven:

✓ 20,000+ customers in 100+ countries.

✓ Revenue growth 2.5x in 2020, year on year (despite Covid-19)

✓ Multiple insulated and 'blast-resistant' shelters sold and delivered to Blue Chip customer from Oil and Gas.

Innovations protected:

✓ Trademarks registered in the USA

✓ Trademarks registered in the EU

Foundations established:

✓ Management team and Board in place with significant and demonstrable track records in relevant disciplines, including eCommerce, NPIs, and finance.

Monetisation strategy

As we are a product-based company, our revenues primarily come from the sale of Crua products, primarily across North America, the UK, Europe and beyond. Our products are currently manufactured by third parties, although we have brought some prototyping in-house.

Increasing Gross Margin to over 40% is a key part of our 2021 strategy aiming to ensure positive EBITDA moving forward.

Modularity is a key part of our design strategy. As well as helping to offer a unique product range, this also encourages repeat customers, and promotes higher lifetime value of our customers.

Recreational:

We primarily sell Direct to Consumer (online) through our own website, Amazon and New Product Introduction platforms such as Kickstarter and Indiegogo. We do have some B2B sales through strategically chosen retailers such as Cabela’s Moosejaw and Outnorth.

Industrial:

We sell B2B, either to end-user or facilities suppliers.

Commercial:

We will launch our Glamping Loj in 2021, which will be our first formal move into the commercial glamping market. This should prove to be a very strong field for us, as glamping is forecast at a CAGR of 15% in the USA – our target market – between now and 2024.

We will also launch a new Rooftop Tent range in 2021, which will open avenues into partnering with appropriate motor brands.

Use of proceeds

• New Product Introductions and Research and Development – All our designs are validated in the early stages. We believe this will lead to faster growth. These new products are:

- Crua Great Loj – our modular and insulated Glamping tents

- Crua Aer RTT, our new Rooftop Tent – a segment that's growing rapidly

- Expansion of the Culla (Cocoon) range to include 3 new designs, as this is our best-selling product

• Building further IP, including registering the name Crua Culla (this is our popular 'Cocoon' range) & applying for 2 new patents.
• We’re planning at least 3 new strategic hires for 2021. Growing our team strategically will drive the company's success.
• Growth into 2 new markets.
• Building and utilising an organic marketing strategy, thus rapidly increasing brand awareness.

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*Source: unaudited management accounts.