The streaming service seeks funding through Republic, which works with investment banks and others to validate the company’s potential
Restflix, a Lakewood Ranch-based streaming service that offers relaxing, sleep-inspiring video content on a monthly subscription basis, is raising about $ 300,000 from a crowdfunding site.
Unlike other crowdfunding sites, the company seeks funding through Republic, an investment platform that works with investment banks and others to validate the company’s potential.
Republic accepts less than 1% of all companies applying, says Restflix founder and CEO Kevin Hillman.
According to Hillman, the minimum capital to be raised in this offer is $ 25,000 and the maximum is $ 1 million. According to him, the amount is about $ 300,000 and the money will be used to acquire more content and perhaps create new content.
The prospectus includes investor benefits at intervals of $ 100 to $ 100,000. Benefits range from annual subscriptions to “I invested in Restflix” T-shirts and being mentioned in an exclusive story produced by Restflix.
Hillman has been suffering from sleep for a long time and was also a member of a growing tech company for 10 years. He launched Restflix for two reasons. In 2020, he was the winner of a business observer under the age of 40. One Hillman founded Restflix in July and is currently offering the app for Google Play, Roku, Apple TV, and Fire TV. Users can select specific content or watch over 20 channels that play soothing videos and music.
In a Republic prospectus, Hillman said in a statement that the $ 64 billion sleep aid market is growing, and by focusing on better and deeper sleep, the company said, “Millions of subscribers. There is a possibility of winning.” The goal is to have 50,000 monthly app subscribers by the end of 2021 and 150,000 app subscribers in the next 24 months.
In an interview, Hillman said he thought the need for such a service was great, but was surprised by the reaction.
There is definitely a need there, says Hillman. Much more than we expected.
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