Australian outdoor apparel brand Monsta Surf is rebranding to Zorali and is enlisting the help of its fanbase to crowdfund the new business.
Fans of the business and its products can invest in Zorali to have their chance to own their own share of the brand.
Engaging with equity-based crowdfunding platform Birchal, the Zorali business has already reached its minimum funding target and is currently sitting at $222,017 of its $300,000 goal from 376 investors.
Birchal spokesperson Robin Holt said that the speed at which Zorali reached its target exceeded expectations.
"Zorali gained significant expressions of interest on Birchal, so we suspected the fans would be quick to jump on in and invest early, but we were very pleased to see Zorali surpass its minimum target in just over three hours, becoming one of the fastest equity crowdfunding campaigns in Australia to hit its minimum target."
In a blog post on the Monsta Surf website, co-founder Cam Greenwood details the reason for the re-brand.
"As I began to share my dreams with the world, I actually started to find some traction, it was incredible! Throughout those early years, we grew pretty fast and as a result, I dropped out of uni to put my all into this dream.
"Right when I thought I was well on my way, I found my real problem, a multination corporation who really didn’t like us using our “Monsta” name.
"If I rolled over, I risked losing everything I’d built, but if I was to fight it, I was going to be dragged into a lengthy legal battle (which it has been) against a business that undoubtedly has way more resources and lawyers than my humble backyard start up.
"The great epiphany I had was that maybe this challenge was my secret key, something that would change me and my business dramatically.
"I began to wonder if this first journey I embarked on with Monsta Surf was just the warm-up, the vehicle that would take my to where I was always destined to go.
"This journey has given us an abundance of life, which is why we’ve decided to share this overflow of life with the people as we rebrand to Zorali… Because a journey shared is so much richer," he said.
Zorali creates eco-innovative outdoor apparel which focuses on durability and long-standing designs.
The crowdfunding campaign will end in eight days and Zorali will officially launch in August.