By Nathan Caddell for BCBusiness on May 16, 2023
Swmbrd hit the market just in time for summer
Brothers Matt, Justin and Gareth Schroenn grew up in the surfing town of Durban, South Africa and were a little disappointed when they came to Vancouver and found a lack of waves.
“We started paddleboarding and kayaking, and we love those things,” says Matt Schroenn. “But for us, we always wanted to actually, physically be in the water.” Schroenn and his brothers lived in tiny West End apartments and didn’t have space for larger boards. So, about eight years ago, they started tinkering with the idea of designing something small and light that you can swim on.
“We headed off to Home Depot, turned our apartments into workshops and started carving,” Schroenn recalls with a laugh. “We had no experience, we were making fibreglass moulds in our baking bowls.”
The three brothers—a bar manager, a chef and a landscaper—tried over a dozen prototypes before landing on one they thought would work, so they wrote and paid for 49 provisional patents that cover the product over a large portion of the world.
Next up was an appearance on Dragons Den. The product—which has since rebranded from Zambezi Board to Swmbrd—won a $200,000 investment for 20 percent of the company from Michael Wekerle.
“Reality is different than TV,” says Schroenn. “We go backstage and they want to do an audit on us. An audit? We have no financials—we have receipts from Home Depot in a shoebox in the corner of a bedroom.” Eventually, the trio received some angel investment from a slew of junior mining executives and became listed on the CSE a year ago.
The boards, made in France, are 3’2 and 8.7 lbs and have been used by lifeguards to monitor Ironman competitions in Athens.
“Most watersports are surf-centric, even paddleboarding is,” says Schroenn. “But most of the major market is actually in flatwater. Most people don’t surf—the equipment is big and heavy and it doesn’t appeal to the larger demographic, including kids.”
The main component of Swmbrd, says Schroenn, is actually just swimming: “It’s a full-body workout. The board isn’t flat, your core and legs are constantly engaged. But unlike with swimming, you go into the water and you can actually talk to your buddy or look at the beautiful scenery.”
The boards just became available to the public and are selling for $575 a pop. Asked how much he has on the line with this, Schroenn doesn’t hesitate. “Just my whole life. But we invented it for us, and I think there´s millions and millions of people just like me.”
Source: https://youtu.be/T4glpKTJy2s
Source: https://youtu.be/yQFfhErBt78
Source: https://youtu.be/rIfIgBHTQLM
Latest Rockstone Report: "Time To Come Aboard: SWMBRD Sports Stock Market Debut Today Amidst Sky-Rocketing Outdoor Industry" (PDF / Web Version)
Disclaimer: This announcement, the external article and the mentioned Rockstone reports contain forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Rockstone Research, SWMBRD Sports Inc., and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the SWMBRD Sports Inc.´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through their profiles on SEDAR at www.sedar.com. Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist. SWMBRD Sports Inc. pays Zimtu Capital Corp. to provide this announcement, Rockstone reports and other investor awareness services. The author, Stephan Bogner, holds a long position in SWMBRD Sports Inc., as well as in Zimtu Capital Corp., and is being paid by Zimtu Capital Corp. for the preparation and distribution of such announcements and Rockstone reports, whereas Zimtu Capital Corp. also holds a long position in SWMBRD Sports Inc.
