Throwing rocks into the water back in 2013 sparked the inspiration for Surf Lakes and a quest for hyper-realistic artificial ocean waves surfers could ride anytime, anywhere. Since then Surf Lakes has discovered new insights into how waves are formed and created two products to licence to surf park operators, Surf Lakes Standard for the leisure market and Surf Lakes XL for expert and pro surfers.
Barrelling through the capital crunch
By 2019, Surf Lakes had signed heads of agreements with licensees in Australia and around the world. But the Covid-19 pandemic, international border closures and other restrictions caused many licensees to pause their surf park development plans. Surf Lakes also had plans to raise new capital but needed R&D financing to bridge its cash-flow gap.
A Radium Advance was Surf Lakes preferred option. “We wanted to continue reinvesting in R&D to hone our technology and smooth our cash flow during the pandemic, so we explored R&D finance. Our Radium Advance not only tided us over with cash flow, but it also accelerated our speed to market because we had the capital we needed to keep our R&D moving at pace,” Surf Lakes Chief Financial Officer Joven Demonteverde explains.
Today, Surf Lakes is coursing ahead with plans to open its Yeppoon site to the public and is facilitating a further eight surf parks with licensees around Australia.
Download the full case study to learn how Radium Advances helped Surf Lakes grow and thrive, and how Radium Advances can do the same for your business.
To find out more about Surf Lakes visit surf-lakes.com.au