Newex relies on crowdfunding to strengthen its business. The Catalan start up, founded in 2019, specializes in the development of sustainable neoprene suits for canyoning and wants to strengthen its business by opening a round of funding to raise 75,000 euros.
Newex plans to open a funding round next February for the first production of suits in spring 2022 and to have the possibility to further research and develop its equipment product to carry out the activity of canyoning, as explained by Alex Cerón, founder of the company, to Palco23.
On November 3, the start up launched its first crowdfunding to finance the production of its suit. In this first funding campaign, Newex planned to raise €9,500, but the results went further and the company managed to raise up to 13,500 euros. In addition, the company managed to sell 50 suits during the first campaign and plans to reach a total of 150 sales of neoprene suits over the next 2022.
The Newex project began in 2019 as a final master's work by Alex Cerón, Álvaro González and Jorge Vera, the three canyoning enthusiasts who decided to promote this sport accompanied by the environment. The start up is based on creating sustainable neoprene costumes called ecoprene, thus eliminating the classic neoprene by natural and sustainable raw material. Neopremo used by Newex is made of natural rubber in Spain and reduces CO2 emissions by more than 95% during its production process.
Newex expects to reach a total of 150 neoprene costume sales over the next year 2022
However, the start up suffers from a complication on the natural raw material: there is only one neoprene producer in Asia and this implies cost overruns for the company.
The company has taken more than two years to develop its first suit, personalized for clippers and with a longer duration compared to what would be a special neoprene suit for surfing. However, the market niche of the start up product is very limited, as the product is directed exclusively to canyons.
Newex's objectives also include its commitment to circularity, that is, to be able to give a second life to the product at the end of its useful life and to be able to reuse it. Newex seeks to develop yoga mats or gym foam by reusing neoprene products.
Newex works with workshops in Barcelona, Levante and Murcia and has agreements with three shops in Catalonia and Aragon for the marketing of their costumes. The company plans to expand its business by selling to tourism companies that offer canyoning in its offer. The selling price of neoprene suits to the public is around 300 euros. The company directs its products to all canyoning people and customers are divided into 70% men and 30% women between 25 and 45 years of age.
