Honing your craft and developing products that add value is critical to creating memorable brands. The founders at Stryve used their design backgrounds to focus on just that.
When Stryve was founded in 2016, the co-founders Lennart and Florian had the goal of creating a functional and aesthetic gym equipment brand that people could proudly showcase in their homes.
At the core of their business, they take classic gym equipment that everyone uses and elevate them to be more ethically pleasing and welcome at home.
“We love to make highly aesthetic and visible products. When you go to someone's house, we want a Stryve product to be out in the open. It's a great talking point and the word-of-mouth machine churns into action.”
For Stryve, research is an integral part of understanding the challenges that fitness enthusiasts have. Initially, this led them to focus their attention on the gym ball and they quickly pinpointed the main problems consumers had with the product.
They found that gym balls just weren’t nice to look at so they’d always be hidden around the house. People were sick of having to store away their gym equipment when they were hosting, so Styve looked to create a product aesthetic that people would be proud to showcase. This philosophy of design-first products has helped them grow into a business generating multiple millions in revenue.
Stryve's growth trajectory has been a rollercoaster ride. Before the pandemic, their business achieved record 7-figure revenue sales. They saw a slight dip during the pandemic, but have bounced back over the last year.
But throughout Stryve's growth, one major roadblock kept coming up — the ability to scale their business during the peak months of Q4.
“In the previous few years, we have always run out of stock prior to the end of Q4. This has happened in early December and even late November, so we wanted to make sure that this didn't happen again.” With the need to place larger and larger inventory orders as the business scaled, they began researching their options to fund growth.
Lennart and Florian identified that they needed additional capital so they could continue to place larger Q4 inventory orders. They didn't want to be in a position where during busy periods they would sell out too early.
When Stryve considered their options for financing they reviewed all possible routes.
“What drew us to Wayflyer was the simplified process. At first look, Wayflyer looked very similar to some of its competitors. But as we went further into the process we started to see that Wayflyer gets eCommerce and its reflected in the simplicity of their offerings.”
“Wayflyer looks at your eCommerce platform, your marketing channels, and finances, to make a funding offer. Remittance is then based on a percentage of sales. Once agreed, the money is transferred over. It was as simple as that. That process is what made us go with Wayflyer”
In the eCom world, positive cash flow is king. “With the additional funding, we will be able to grow our revenue by €250k in Q4 alone.” The revenue generated from the additional sales can then be put back into the business for things like product research, marketing and purchasing more inventory. The growth machine keeps on churning.