Update on “Fight The Man“:
As of today RED Mountain has pushed past the $4 million mark and is well on its way to hitting their target.
Just a few weeks ago, this rebel-with-a-cause resort launched a landmark crowdfunding campaign to raise private equity for RED’s ongoing mountain needs. They set an ambitious goal for themselves of raising $10 million in 90 days. The numbers continue to climb and they now stand well poised to hit their mark.
Bucking the trend to join the Mega-Resort merger model, RED instead is utilizing equity crowdfunding via the site StartEngine, providing an opportunity for anyone to own a piece of the mountain. Or as RED refers to it “shred equity.”
Credit: RED Resort
The current CEO, Howard Katkov, took over the resort back in 2004 and is a big fan of keeping things real and keeping skiing affordable for the average family. Raising money in this fashion helps RED maintain it’s independent spirit.
“RED is an endangered species within the resort world. We have the snowfall, vert and world-class terrain to go boot-to-boot with the Big Guys, but have consciously maintained our mom ’n’ pop/weird uncle feel for over 100 years. Think of this as a family investment. We do.” – Red Mountain CEO Howard Katkov
The “Fight” campaign is in round one, “Test the Waters” mode, meaning that any investment comes with a no-risk/no obligation policy, for the time being. RED is looking to determine if there’s an interest in this unusual for the ski-industry business model. The current financial standings appear favorable as over 1,000 people to date have made a reservation on their funding page.
“We’re really looking to our hardcore fans to throw down here (we’re talking ownership after all) so we’ll intentionally set our minimum at a very low $1,000 to entice hardcore skiers and snowboarders who might not have a High Net Worth—even if some of them have the ‘high’ part on lockdown…”- Red Mountain CEO Howard Katkov
Thinking of investing?
Here are some of the perks, contingent on investment size:
- Membership to the clubhouse
- Lift Tickets
- Limited edition custom skis or snowboards
- Ski passes
- Membership access to overnight on-mountain cabins
