It's just too popular
We always had a sneaking suspicion that the Dirt Factory indoor mountain bike park would be a success but we never realised it would be this big. The team was able to fund its £300,000 crowd funding target in just over half the allotted time so has released a further 10.1 per cent equity and raised the funding target by £150,000.
Dirt Factory is now asking for £450,000 in exchange for 55.28 per cent equity. This increases the total number of shares by 10,000 but also increases the pre-money valuation of the company, meaning current investors will effectively get a smaller slice of a bigger pie.
The move was encouraged by former Dragon’s Den star Piers Linney, who has himself invested in the project. He said: “After consultation with myself and other investors, the team have taken the decision to increase the target. Dirt Factory will be a UK first and will no doubt become another regional cycling hub. As a keen mountain biker myself, having the ability to ride undercover all-year-round will be very welcome.”
Dirt Factory will be located in Greater Manchester and will use real dirt to bring the mountain biking experience inside. It will feature a number of flow trails, pump tracks and jumps to allow riders to hone their skills before applying them on the outdoor trails they normally ride.
Dirt Factory will use the extra money to produce a better facility which it believes will give it more chance of expanding into other locations around the UK.
Dan Makin, one of the founders and directors of Dirt Factory, said: “Over the last few days the rate that people have been investing in Dirt Factory has really increased. We’re delighted with the response from the crowd and urge others to find out more and invest before our campaign closes at the end of February.
“On reaching full funding, the team will turn an existing warehouse or distribution centre into a fun filled, sport and recreation centre with indoor bike trails made out of recycled dirt and shipping containers. There are also plans for an on-site café, bike shop, classrooms and space for other businesses or social enterprises.”
The Dirt Factory crowd fund is live until Monday 29 February 2016 and supporters can pledge anything from £10 and above to get a share of the business and investor rewards. To find out more visit http://bit.ly/DFinvest