Good afternoon investors,
Today is a good day, our first containers full of product have arrived in the United States! They're currently sitting on a vessel in Long Beach waiting to be unloaded. This is the first of many such deliveries that are either happening or in process around the world with 11 containers currently in transit and an additional 8 containers waiting to be loaded.
To date we've shipped 42% of our crowdfunded orders and have a predicted 4 months of inventory on the ocean right now destined for our distribution center in Utah. We expect to have enough inventory to get us through the Holiday period which is fantastic news as many companies face historic shortages and will be undersupplied for this very important sales window.
A few more updates for you:
Product manufacture and delivery
- Our production lines are 94% complete with only a small number of our SKU's remainining to roll off the assembly line. These items will immediately enter our DTC channels.
- Due to our volume we've negotiated favorable shipping rates and can equitably offer free shipping for new customer sales to North America.
Customer feedback is startiong to roll in and so far its overwhelmingly positive.
"I'm a little obsessed with Whipr. Been working on my form and getting a good habit going. I've even booked to go back on the water with my friends this weekend." - Kickstarter Backer 1687
"I really like it!... I think it could democratize rowing for a looooot of people who want to get in to it - for portability and adaptability to other sport modalities" - Kickstarter Backer 452
We have retained a social media company to engage further with our backers, solicit reviews and take advantage of the UGC (user generated content) that will inevitably roll in as we deliver many thousands of orders, particularly to the USA.
Meet our new COO
Now is as good a time as any to introduce our new COO, Rich Little. Rich prides himself on enabling organizations to transform, revive, and thrive. Some of his most notable achievements are:
✔ Delivered turnaround for an unprofitable company, transforming it to 12% EBITDA within 3 years.
✔ Positioned 2 companies for successful acquisitions by private equity.
✔ Drove 46% increase in profitability (to 26% EBITDA) for a $65M women’s apparel manufacturer.
✔ Reduced OPEX 22%, resulting in a 4.5% net increase to bottom-line profitability.
✔ Transformed toxic cultures into healthy, collaborative environments of high performance.
✔ Enabled 2 organizations to pivot from a domestic-only business model to an international import/export model. Cemented global strategic relationships within ASIA, CENTRAL AMERICA, MEXICO, and the USA.
✔ Established strong relationships with major retailers including WALMART, TARGET, COSTCO, KOHL’S, ROSS, and TJ MAXX, among others.
So far his career has been devoted to mastering the full manufacturing and supply chain life cycle and he's now bringing that experience to Whipr and already having a huge positive impact on our team in optimizing our people, processes, and profits.
Change in offering
We've recently completed a comprehensive audit and have been approved to raise money past the $1.07m threshold that was previously in place. We're excited to welcome new investors to our company and would encourage any fence sitters out there to consider this as the right time to get involved as we expect the next couple of years to have significant upside.
Until next time, let's #getwhiprfit and thanks so much for your support!
Luke Tipple | whipr founder and ceo