XY Findables (formerly known just as XY Find It) ran a successful rewards-based crowdfunding campaign on Kickstarter back in 2014. On a goal of $45,000 over 4000 supporters purchased the Bluetooth tracker tag. Now the company wants to scale and they are heading online once again to raise capital. But this time it is not presales, but equity they will offer for supporters.
The tracking or finder device sector was an early success story for presale campaigns. Exemplified by popular products like TILE and TrackR Bravo, these inexpensive products solved a nagging ongoing issue. Finding lost (or temporarily misplaced) items. Having demoed several of these products I understand the utility of being able to quickly and easily find a set of keys. But I also understand some of the shortcomings of these products and this is where XY Find It comes in.
The current version of XY Find It allows a user to swap batteries – something not presently available on TILE. While most (if not all) inexpensive trackers use Bluetooth LE to connect with a smartphone, XY Find It has a GPS version scheduled to come out this coming June. While community-based item finder applications are good, a GPS option is clearly better (especially if you do not live in a densely populated area like San Francisco).
In 2015, XY Findables generated $1.5 million in sales. Following the rewards campaign, the team quickly moved to leverage their online profile by smartly establishing a retail presence across well known branded stores. The retail presence should help the company scale as they expand their product range.
XY Findables is hoping to use the Regulation A+ exemption to raise equity capital online. Reg A+ allows anyone, not just accredited investors, to purchase ownership in an early stage company. XY Findables is going the equity crowdfunding route because, in their opinion, pursuing an owner/user model, will be the model for all consumer-facing products in the near future.
Any funding raised in the Reg A+ equity offering will support the production of more XY3 finders and the company’s go-to-market strategy for new upcoming products (GPS, Edge, Near).
Currently, the funding round is in the “Testing the Waters” (TTW) stage. This allows the company to gauge investor interest first – before submitting a filing with the Securities and Exchange Commission. No further details are yet available on how much money they would like to raise and now much equity the company is offering. If you are interested, the TTW page is live on StartEngine now.
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