Scrappy Ski Mountain Reaches Major Milestone in Crowdfunding Campaign
Nearly sixteen months ago, RED Mountain launched an historic initiative for ski hills to raise capital through crowdfunding, offering ownership in the storied Canadian ski resort to investors for starting at $1000. Today, RED is proud to announce that it has hit— and exceeded — its minimum offering of $1.5 Million collectively raised on both StartEngine.com in the USA and FrontFundr.com in Canada and has accepted the first round of subscriptions under the crowdfunding offering. This means that the first funds can be accessed for use in “improving the adventure,” and investors can begin using some of the perks offered as early as this ski season.
“It’s hard for me to even put into words what this milestone means to our team,” says RED CEO Howard Katkov. “This campaign has been non-stop since we launched… It’s been intense in a way I’ve never experienced in any of my previous business endeavors, but most gratifying for me, my team, and our community. We planted this flag for independent skiing and touched a nerve with skiers and boarders around the world. It’s way bigger than RED Mountain now — and RED’s pretty big!”
Dubbed “Fight The Man. Own The Mountain,” the RED campaign has raised eyebrows as well as money, highlighting the importance of independent skiing. RED Mountain has presented itself as one big, continually growing “family”, something very unique, juxtaposed to the rapid corporate consolidation of ski resorts in North America.
“After we tossed this notion out there 16 months ago, we received pledges of over $13 Million,” explains Katkov. “We knew that not everyone would convert to their reservations to subscriptions for Class D Units— that not everyone is able to — but the traction we’ve seen on this issue is commendable on its own. More people are aware of the transformation of skiing due to corporate consolidation and we have created a touch point for those who care about independence, authenticity, affordability and access. We’ve received investments from numerous supporters who’ve never even been here! RED isn’t the only independent out there fighting the good fight, but we have become a high-profile underdog.”
“RED is defining a movement that is transforming what it means to be an Angel Investor,” explains Sean Burke, COO of FrontFundr. “You don’t need to be a high net worth individual to invest and own a piece of RED and this is what democratized investing in private enterprises is all about. RED has proven this and now holds the single largest closing for equity crowdfunding in Canada, with total subscriptions of over $1.5million.”
“Our passion hasn’t wavered,” adds Katkov. “We will continue to accept subscriptions for the Fight the Man / Own the Mountain crowdfunding offering over the winter and fully expect to raise additional equity after this great start. Just know there’s room at the table of this historic offering and truly unique opportunity to own a chunk of RED Mountain. We know that many more die-hards will be joining the family over the winter and we can’t wait to meet them!”
The US Offering Circular can be viewed here.