On August 26th, 2022, OnMarket held the inaugural Battle of the Founders – a new equity crowdfunding competition. The three-phase competition focuses on educating the start-up community on equity crowdfunding as a capital raising method, assisting founders with pitch refinement, and hosting a pitch night where three external judges select two winners - and the crowd picks their favourite! All winners receive the opportunity to raise capital with OnMarket for no up-front cost. This year, Fempro Armour has taken home the Runner Up award – meaning, in Q1 2023, you will be able to invest in Fempro Armour and in return, become a shareholder.
Here’s what Stephanie Bofinger, founder of Fempro Armour, had to say about a future capital raise with OnMarket
“A future capital raise with OnMarket in Q1 2023 will enable Fempro Armour to continue its growth and better look after its customers by hiring additional team members, scaling up supply chains to facilitate the expected uptick in demand, and further market the Fempro brand through event-based marketing.”
So, what does Fempro Armour do?
Born out of the desire to protect women, Fempro Armour produces high-quality body protection armour and apparel. With use cases across impact sports including rugby, martial arts, and skiing, and professional fields such as law enforcement and healthcare, Fempro Armour protects the chest, hip, elbow, shoulder and back. Fempro Armour is positioned to be at the forefront of the burgeoning female PPE and sports protective markets, with the latter being valued at US$8.24B in 2018¹ (growing at a CAGR of 4.01%¹).
In 2019-20, there were 15,860 female sports injury hospitalisations in Australia, with over half of these injuries occurring amongst contact or extreme sports². In this same period, there were 44,982 made by women³. Given market incumbents offer uncomfortable armour that offers limited protection for the female form, women are forced to decide between comfort, participation, and serious injury. However, Fempro Armour’s use of viscoelastic memory foam technology offers ground-breaking protection that is lightweight, low profile and multi-impact compliant.
At OnMarket, we are excited to work with Fempro Armour once again! In late 2021, Fempro Armour raised $103,000 across 53 investors with OnMarket. Since then, Stephanie Bofinger and the Fempro team have developed partnerships with 7 wholesale distributors and 2 sporting clubs, as well as commencing a clinical trial of Fempro Armour Hip Protection within Hospitals on the Gold Coast. Fempro’s growth plans include fostering current and new partnerships to enhance B2B sales volume alongside gaining TGA/FDA approval for further commercialisation.
What do women have to say about Fempro Armour?
"Loving the protection Fempro Armour provides inside my motorcycle racing leathers. I found the produce moulded quickly and easily to my shape. Forgot it was there after a few minutes. Finally, something has been made for girls which we need to don’t adapt for in order to use. Highly, highly recommend this product for any sport which may involve the potential risk of impact injury." – Ash
"Amazing body armour! I bought the chest protector with a singlet, and I don’t know how I ever thought I should ride without it. Fempro has definitely filled a much-needed gap in the market with high quality, well-priced gear and great customer service!" – Amy
Stephanie’s thoughts on Battle of the Founders
“Battle of the Founders allowed me to get outside of my comfort zone and expand my network. Also, any training and work on my pitch is always beneficial and is something we can only aim to perfect. I would recommend Battle of the Founders to any founders who are after both personal and business growth.”
In 2023, Fempro Armour will launch its second equity crowdfunding offer, which will enable you to join the business as a shareholder. Sign up to OnMarket to be alerted once their raise is live!
¹ Verified Market Research, https://www.verifiedmarketresearch.com/product/sports-protective-equipment-market/
² Australian Institute of Health and Welfare, https://www.aihw.gov.au/reports/injury/injury-in-australia/contents/all-causes-of-injury