Recent studies have indicated that while golf is a multi-billion dollar industry, player retention is an ongoing challenge. Rounds played from golfers age 25-45 have decreased nearly 25% over the last decade. With lack of accessibility and affordability cited as the largest deterrents, growth of the industry will be dependent on technology solutions that streamline access for golfers nationwide.
Former professional golfer and CEO of Forelinx, Danny Wax aims to address this issue through a groundbreaking online monthly golf subscription platform. Dubbed the “ClassPass for Golf,” Forelinx’s mobile platform opens up golfing for the masses with an affordable and seamless process that provides golfers with golf courses variety, access to events, and a vast network of passionate golfing peers. Forelinx offers $199 monthly memberships, for unlimited golf access (up to 3 times at each course) within the partner course roster. Each membership allows its users to make tee times, any time of the day or week with no fee due upon arrival.
With an estimated 29 million golfers and 15,372 golf courses nationwide, Forelinx took to FlashFunders to raise over $150,000 to fund additional resources required to diversify its roster and tap into the vast pool of potential users. After 3 months live on FlashFunders, Forelinx successfully raised over $210k. Forelinx CEO, Danny Wax stated, “raising capital through FlashFunders’ platform provided great validation for our offering.”
Prior to launching their offering, Wax was determined to bootstrap his business. “Because we’re still an early-stage company, I wanted investors I was familiar with that I knew could go beyond just providing capital, but value to the company as well.” Forelinx’s robust offering page made investing simple and intuitive for Forelinx’s prospective investors, many of whom who had no previous early stage tech investing experience. Their offering page provided their investors with transparent access to term sheets and additional company financials. “Being able to display all information from your offering in one consolidated place was a tremendous added benefit for fundraising,“ Wax added.
By utilizing FlashFunders’ investing documents and security compliance processes, Forelinx was able to save approximately $12k in legal fees. According to Wax, “FlashFunders’ in-house legal counsel was extremely helpful and necessary for preparing us for the raise and execution, as well as managing our capital following the round.“