Slinger Raises $11M in Oversubscribed Round to Continue Growth
August 11, 2021
BALTIMORE, Aug. 11, 2021 – Slinger, a sports brand focused on innovating game improvement technology and equipment, with the vision to become a leading connected sports company, has announced today the successful completion of a private placement offering. Participating investors in this funding round include several leading small cap focused investment funds as well as several high net worth individual investors. Slinger recently announced its FY 2020 financial results, with gross sales of $11.2 million on approximately 20,000 Slinger Bag units sold in its first year of commercial sales.
Slinger has taken the global tennis market by storm since 2020 and is now distributed in nearly 60 countries across six continents. The Company’s flagship product is the Slinger Bag, a portable, versatile and affordable tennis ball launcher, which has achieved widespread adoption by tennis enthusiasts around the world. The company is set to release its AI-powered Slinger app later this summer.
Today’s financing news further enables Slinger to continue its evolution into a leading global connected sports company with key hires to the team, further product enhancements, and new technologies. In addition to the Slinger app, Slinger has plans to release two new ball launchers this year, enter new sport verticals, and deepen its penetration within the global tennis market. Just as leading companies have been able to do in the health and wellness space, Slinger believes that the opportunity to create an engaging omnichannel experience in tennis, and soon other sports, is vast.
“I am delighted to share this important milestone with our shareholders, as this round of financing comes at a key time for Slinger,” said Slinger CEO Mike Ballardie. “We have aggressive growth plans and have successfully identified capital partners that are aligned with our vision. This financing strengthens our balance sheet while minimizing dilution, and provides us with the ability to execute quickly with our strategic plans. Additionally, these funds provide us with support for our planned uplisting, furthering our ability to build value for our shareholders. The oversubscription of our raise is a testament to the belief our investors have in the long-term vision and capabilities of the Slinger team,” concluded Ballardie.
Spartan Capital Securities, LLC acted as lead placement agent for the offering. Revere Securities LLC served as co-placement agent. Further details on the financing are contained in the Company’s form 8K filed on August 10, 2021.
The Slinger Bag is available to order now – to find out more about Slinger, visit https://slingerbag.com.