Corporate advisory newcomer Sayers Group is scouting for a strategic investor to back technology startup BrickFit.
Corporate advisory newcomer Sayers Group is scouting for a strategic investor to back technology startup BrickFit which needs $3 million or more to go live.
Ryan “The Brickman” McNaught will work with BrickFit which is seeking $3 million to launch a Lego-based health app for children.BrickFit is seeking at least $3 million to launch a mobile app for children eight to 16 years old that rewards healthy eating and exercise with LEGO collectables. It currently uses a Garmin Vivo Fit to report activity data to its app.
According to an investor presentation seen by Street Talk, BrickFit would be the only product in the world to have Lego inside a non-Lego brand, and the company wanted to launch in April, to coincide with TV show LEGO Masters Australia. Ryan ‘The Brickman’ McNaught, one of 14 Lego-certified professionals was described as a “driving force” behind the product in the document. Prospective buyers were also told BrickFit was developed with Deakin University’s child health experts and the app was patented.
The capital raise would mostly go towards stocking up on five months’ or $2.5 million worth of inventory, with the rest to be spent on employee expenses and the app.BrickFit expects to be producing 174,500 units by the 2025 financial year to generate $4.8 million revenue and $1.9 million EBITDA, according to the presentation.
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