Investment Details

Investment Target
$4,968,000 - $4,968,000 NZD
Pre-Money Valuation
$28,980,000 NZD
Investors
24
Time Remaining
Closed

Investment Status
106%
$5,245,211.88 NZD
106% of maximum target

DROPIT is focused on lucrative segments of the massive US digital advertising market. These market segments provide DROPIT with very significant scope for growth. DROPIT provides a “game-changing” new solution to a major problem impacting both sponsors and teams in the sports industry – fan disengagement. The business model also provides valuable consumer data for sponsors and teams and is designed to generate multiple revenue streams.

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An exciting BOP based company, the DROPIT team have developed a Mass Audience Activation Platform ("MAAP") which connects an audience directly and simultaneously to a stadium-wide reverse auction event.  DROPIT operates in the US$15 billion major league and college sports sponsorship market in the US. It offers an innovative drop auction product that delivers high levels of fan engagement for sponsors and generates valuable consumer data for sports teams and their sponsors.

Customer Problem

DROPIT’s product solves the significant and growing problem for sponsors and sports teams of fan disengagement by providing a highly engaging, “adrenaline pumping” reverse auction experience. The drop auction offers fans the opportunity to buy the sponsor’s product at an attractive price. Fans use an app on their smartphone to participate in the auction that is simultaneously being shown on the stadium’s LED video live screen.

Product

The DROPIT product was test launched in the New Zealand market in November 2015 to validate market fit (now shut down to focus all resource on the US market)

In March 2017 DROPIT had a successful commercial launch at a Major League Baseball spring training event at Peoria Stadium in Phoenix, Arizona. Refer to the following video link.

Sales and Distribution

In September 2017, DROPIT signed a 3 year agreement with the NBA's Phoenix Suns, read the Herald article.

In April 2017 DROPIT signed a 24-month distribution agreement with Daktronics (largest video board manufacturer in the world, NASDAQ: DAKT, equity market cap of approx. US$430 million) to resell the DROPIT product to Daktronics’ extensive client base. See press release.

In addition to leads generated by Daktronics, DROPIT has also established a strong pipeline of other new business opportunities including San Francisco 49ers, San Francisco Giants, Vegas Golden Knights, and Stanford University.

Daktronics is also introducing DROPIT to mall owners with Daktronics big screens, including the Fashion Show Mall in Las Vegas.

Shareholders

Significant existing shareholders include Peter Howell and Brendan Howell (founders – 19.3% each), Adrian Burr (7.3%), Paul Tidmarsh (7.3%), Paul Chrystall (6.1%) and Simon Perry (4.2%).

Key advisors

Keith Bruce (CEO of Super Bowl 50), Paul Chrystall (Maui Capital), Adrian Burr and Mark Taylor.

Team

Currently 13 employees, seeking to expand to 56 by the end of the 2018 financial year.

A head office has recently been established in Miami, Florida.

IP

DROPIT has patents pending on key elements of its technology.

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Overview as at October 2017

Website
https://www.engage.dropit.xyz/
Industry
Software
Founded
2013
Employees
13
Funding Stage
Start Up
Deal Type
Equity
Contact
Peter Howell
Board / Management

Peter Howell - CEO and Executive Director

Brendon Howell - COO and Executive Director

Michael Blennerhassett - Independent Director

Dean Wearne - Independent Director

Advisors

Keith Bruce

Paul Chrystall

Adrian Burr

Mark Taylor

Greg Horton