Crua Outdoors

Idea

Introduction

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

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 been busy launching six new products in 2021.

We believe we're now positioned and ready to move from start-up to rapid growth, and this round of funding will be instrumental in enabling that growth.

Substantial accomplishments to date

Potential recognised:

✓ Enterprise Ireland High Potential Start-Up.

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

✓ Twelve successful crowdfunding campaigns, including seven successful product launches.

Opportunities seized:

✓ 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.

Research and Development:

✓ 6 product launches completed in 2021, 2 more are scheduled for 2022.

✓ Becoming the tent expert in all things pertaining to temperature and sound regulation, as well as modularity, in recreational tents, with a focus on real innovation in an industry that is ripe for disruption.

Markets proven:

✓ 20,000+ customers in 100+ countries.

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

✓ In discussions with an eCommerce data platform to enable us to use the power of data to become more efficient at a significantly larger scale

Innovations protected:

✓ Trademarks registered in the USA

✓ Trademarks registered in the EU

✓ 2 patent applications underway

Foundations established:

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

✓ As we continue to strive to minimise our environmental impact, we're seeking ways of reducing packaging, using recycled materials where possible, and limiting the use of chemicals in our tents.

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, and the EU. Our products are currently manufactured by third parties, with some prototyping in-house.

Increasing Gross Margin to over 40% is a key part of our 2022 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 Bass Pro and Cabela's.

Industrial:

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

Commercial:

We are seeing commercial sales opportunities with our new Roof Tents, B2B as well as D2C online.

Use of proceeds

• Increase Sales and Marketing activity, including the growth of the team in this area and the launch of the re-brand in Q1 2022. By building and utilising an aggressive organic marketing strategy we plan to rapidly increase brand awareness.

• Re-platform and plug into more sophisticated data-driven ecosystems for marketing and logistics. This will allow us to leverage off big data analytics, experienced eCommerce teams, and to benefit from shipping economies of scale.

• Hire of a senior 'Key Person' into the business (part-funded by Enterprise Ireland grant) and growth of the team in other key areas - in the USA, Ireland, and the UK.

•Supply Chain optimisation and increased working capital - with the intention of limiting out of stocks and increasing Gross Margin through economies of scale. We're also examining Mexico as an option as it's closer to our primary market and would cut lead times significantly.

• Growth into one or two new markets (these will be data-based decisions).

• R&D and IP protection.