This Just Happened...
Mountain Hits Their $10 Million Goal on Crowdfunding
“Fight the Man.
Own The Mountain.” Powers Into Phase II: Fierce & Independent
BC – February 2017 / Newsmaker Alert / On August 22, 2016, RED
Mountain Resort launched a $10 million crowdfunding campaign on
StartEngine.com called “Fight the Man. Own The Mountain.” This was the
first time a for-profit ski resort explored equity crowdfunding and nobody
at RED knew what to expect in Phase I, of the “Test The Waters” campaign.
As of last Thursday morning (February 9th), RED hit their $10MM Reservation
Goal – an historic achievement within the North American ski industry.
went into this campaign feeling that these were uncharted waters,” says
RED CEO Howard Katkov. “But the response was immediate, passionate, and
unequivocal. Our choice to plant the flag for independent skiing and snowboarding
during a time of high-profile mergers and acquisitions really resonated.”
launch, “Fight the Man. Own The Mountain.” has been featured many times
in the mainstream press across North America, and has been covered extensively
by ski and snowboard outlets. The videos created for the campaign have
so far received over half a million views.
crowdfunding is a new style of investment and RED’s choice to accept a
relatively low minimum reservation of $1,000 allowed “everyone from lifties
to Learjet owners” to make a reservation for this unique equity financing
campaign. (And they did!) RED’s campaign on StartEngine will continue to
take reservations as they prepare their auditing and legal documents to
be provided to investors for Phase II, which is scheduled to launch in
the Fall of 2017. You
can currently make a reservation here.
goal was to hit $10 million in reservations by April, but we managed to
hit that number months in advance. We now sincerely hope that a large percentage
of the RED fans that pledged their support will convert their reservations
to a real investment when the Phase II launches this fall,” says Katkov.
are two exciting aspects of “Fight the Man. Own The Mountain.” in investment
terms. The first is the “Last In, First Out” feature. What this means is
that investors in Phase II – whether they’re in for $1,000, $25,000 or
more – would receive their investment back before all previous equity investors.
The second is the “rewards” associated with each level of investment, from
lift tickets, custom skis or snowboards, season and family passes and access
to a purpose-built clubhouse and overnight cabins. These rewards are laid
out in the StartEngine platform.
Mountain is the oldest ski resort in Western Canada and has been the site
of many firsts: First World Cup ski race in Canada; one of the largest
terrain expansions in North America in over 40 years… This campaign marks
another first – the opportunity through equity crowdfunding to own a slice
of world-class ski resort for as little as $1,000.
groundswell of support from the snow community, the press, and investors
has been nothing short of astonishing,” says Katkov. “The success of the
campaign, thus far, has been a nice reminder of just how passionate and
free-spirited the ski and snowboard community really is. It’s been an incredible
winter so far and I’ve had a number of guests come up to me and say they
booked their ski week at RED after hearing about us through the campaign.
Some of them invested, some of them didn’t, but all of them sensed that
we have something special going on in Rossland and needed to check it out
in person. And to us, that means more than anything. We can’t wait for
what the future holds.”
RED’s Crowdfunding campaign page here
RED Mountain Resort
is the last great, unspoiled resort. Located in Rossland, BC, 1st stop
on Canada’s famous Powder Highway, RED delivers 2,877 acres of pristine,
unfettered skiing. RED recently added nearly 1,000 acres of intermediate
to advanced terrain on Grey Mountain. With 7.6m of annual snowfall, (cheap!)
in-bounds cat-skiing, and the friendliest locals around, it’s no wonder
the New York Times voted us their #8 “Best Place in the World to Visit
in 2013.” Other recent wins include Powder’s “Ski Town Throwdown,” and
“Most Underrated Resort” by Skiing. Fresh turns that you don’t have to
fight for – that’s RED. Visit www.REDresort.com
for more information.
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Mountain Resort, Planning & Development