“Smart Bunks is a start-up business which has designed a modern and innovative bunk bed for the backpacker industry to replace the decades old metal bunks. It is a massive global opportunity.
We have designed and built various prototypes and exhibited at the major international hostel exhibitions and received massive Expressions of Interest. We recently re-engineered our product to simplify build design to reduce the manufacturing cost.
We are seeking to raise $5M equity capital at $2.44 per share. This will place the company in a strong position to take the business forward into a revenue-generating and profitability phase.”
Damian Pallett, CEO, Smart Bunks
The traditional metal bunk bed has been around for decades and still predominant in most hostels around the world. They are old and uncomfortable and getting a good night’s sleep is virtually impossible. They are from a bygone era, with absolutely no privacy or modern amenities expected by today’s generation of youth travellers. The time for change is now.
Smart Bunks is a stylish and modern new sleeping pod solution. Our objective was to replace the decades-old metal bunks with a modern and functional design with all of the modern amenities expected by today’s youth travellers. We aspired to create a ubiquitous bunk bed for the global hostel market. Hostel operators and backpackers love our new bunk bed.
There is currently no commercially available product like Smart Bunks anywhere in the world. It is an innovative and modern designed sleeping pod with a host of features including Smart TV, LED mood lighting, reading lights, storage lockers, charging points, personal safe and dual fans. We are planning to develop a Digital Enablement Platform (DEP) and app for digital sales of tours and activities.
We have assembled an excellent team with extensive experience across a wide range of industries including tourism, technology, manufacturing, IT, software, telecommunications and finance. When fully capitalised, we plan on establishing an independent Board of Directors and an informal Advisory Board as we recognise the need to have a strong team of people supporting us.
We are seeking to raise equity investment of $5,000,000 at $2.44 per share for a 33.3% stake in the company. The funds will be used in four main areas 1) Manufacturing 2) Product Development 3) Working Capital 4) Sales and Marketing. It will allow us to commercialise our V2 product, commence overseas manufacturing and supply product to hostels globally.
Securing $5M equity funding will help us exploit the truly massive global market opportunity. From a global market of approx 2M beds, we believe we can achieve unit sales of 25,000 over a 3-year period starting from 2021. Hostelling International (YHA parent) is our key global target with 4,000 hostels. We have a potential Global Supply Agreement opportunity with them.
- Through attendance at the major international hostel exhibitions we have achieved enormous prestigious exposure for Smart bunks on both the domestic and world stage. We are well known to many hostels around the world, particularly leading Australian and European hostels.
- Our significant investment in product design and prototype development has been an extremely worthwhile learning exercise. We believe our V2 product is now extremely well designed and suitable to support product manufacturing in volume at a low unit cost.
- We have also invested in strong IP protection and have secured Patent Rights/Design Registrations/Trademark Rights. Patent went from “provisional application” to “completed application” phase and also PCT phase which gives “Patent Pending” status across 152 countries.
- We have significant opportunities with numerous hostels in Australia and Europe, and have strong relationships with YHA Australia and New Zealand. There is a massive potential opportunity to secure a Global supply Agreement with Hostelling International across their global hostel portfolio of approx 4,000 hostels.