Snowboard Addiction

Nev Lapwood, from Whistler, British Columbia, asked for $100,000 for 10 percent of Snowboard Addiction, a company that produces snowboard training videos and training tools including a training board, training bindings, and a balance bar. The videos have generated over 9 million YouTube views and half a million unique users, with a $59 per year membership generating over $100,000 in recurring annual revenue. Total revenue over the past year was $355,000, with 55 percent year-over-year growth. Sales are international, with 35 percent from the US, 25 percent from Europe, 10 percent from the UK, and 10 percent from Canada. Nev Lapwood is the sole owner and values the company at roughly three times revenue, about $1 million.

Manjit Minhas went out, questioning whether the business had a sustainable model beyond one-time purchases. Michael Wekerle offered $100,000 for 20 percent, and Joe Mimran offered $100,000 for 10 percent plus a 10 percent royalty until repaid. Michele Romanow offered $100,000 for 15 percent plus a 5 percent royalty, and Jim Treliving offered to partner. Nev Lapwood explained he needed to protect his valuation for other pending investors, and asked Michele Romanow if she would remove the royalty; she agreed, and the deal closed at $100,000 for 15 percent equity.

Snowboard Addiction is still operating and sells through its website.